Port Harcourt — Gold remains in a narrow trading band below Monday’s high at $3,360, this week’s ceiling thus far, with buying interest still too timid to reclaim higher ground. Even so, gold has bounced off its 50‑day moving average, reinforcing that zone as a tactical line of defense.
A decisive daily close above $3,360 would unlock a path toward $3,400 and last month’s peak at $3,440. Absent that breakout, the metal stays vulnerable to another probe of the rising trend line and the cluster around moving averages that traders have repeatedly treated as an attractive entry range.
On the headline front, though, reports that Donald Trump drafted and then shelved a letter firing Fed Chair Jerome Powell have reignited debate over the Fed’s independence and kept pressure squarely on the Fed. Political heat of this sort typically supports a weaker dollar and could give a higher leg to the bull case for gold price, another potential catalyst to escape the current, relatively tight range.
*Ahmad Assiri Research Strategist at Pepperstone
