HFblogNews
Профессионал
Date: 24th July 2026.
Gold Regains Short-Term Momentum as Trump Introduces New Tariffs.
Gold prices fell after attempting to regain bullish momentum throughout the week. Both the US Dollar and Gold have been rising simultaneously over the past week despite their inverse correlation. On Thursday, Gold gave way, declining by 1.95% as the US Dollar continued to rise further.
On Friday, Gold was quick to rebound after a poor session on Thursday due to Trump introducing new trade tariffs. However, investors are contemplating whether the commodity can retain its bullish momentum in the long term. This will largely depend on the US Dollar, the Middle East tensions, and global interest rates.
According to the World Gold Council (WGC), Chinese physically backed gold ETFs recorded their largest monthly outflow on record in June, with assets under management falling 16% and holdings dropping by 17 tonnes. Stronger Chinese stock markets, a firmer yuan, and higher yields on other investments have reduced demand for Gold.
At the same time, geopolitical tensions in the Middle East continue to support the US Dollar as a safe-haven asset. Concerns that higher oil prices could fuel inflation have increased expectations that the US Federal Reserve may keep interest rates higher for longer. This has strengthened the US Dollar and pushed 10-year Treasury yields higher. These factors are limiting Gold's upside and may even push the price even lower.
Meanwhile, trading activity in the gold market has slowed. CME data shows futures and options volumes have eased, suggesting traders are waiting for a clearer catalyst before making larger moves.
This may come from the Federal Reserve’s interest rate decision on Wednesday, 29 July Currently, only 29% of the market expects the Fed to increase interest rates. However, this is higher than the 12% seen last week. Also, less than 10% believe the Fed will not hike by the end of the year. This continues to be a pressure point for Gold. If the Fed does not hike but indicates a future hike, Gold may still witness renewed pressure.
The new duties are expected to increase trade tensions, raise import costs, and keep markets focused on the potential impact on inflation and global economic growth. In the past, tariffs have supported Gold as they also have this morning. However, this may not be the case if the Federal Reserve hikes interest rates.
HFM - Gold 2-Hour Chart
The US Dollar Index is trading lower this morning, but remains above the main moving averages on the larger timeframes. On smaller timeframes, the price remains at a neutral level based on moving average and the Relative Strength Index. If the price of Gold rises above $4,058.00 and the US Dollar Index falls below 101.11, Gold may see a bullish signal arise from indicators and price action. However, this only applies in the short-term.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!
Click HERE to READ more Market news.
Michalis Efthymiou
HFMarkets
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Gold Regains Short-Term Momentum as Trump Introduces New Tariffs.
Gold prices fell after attempting to regain bullish momentum throughout the week. Both the US Dollar and Gold have been rising simultaneously over the past week despite their inverse correlation. On Thursday, Gold gave way, declining by 1.95% as the US Dollar continued to rise further.
On Friday, Gold was quick to rebound after a poor session on Thursday due to Trump introducing new trade tariffs. However, investors are contemplating whether the commodity can retain its bullish momentum in the long term. This will largely depend on the US Dollar, the Middle East tensions, and global interest rates.
Gold’s Poor Performance
Gold prices are facing pressure as investors shift money into equities and assets that benefit from higher interest rates. Even though Gold has shown strong bullish price movement at the European open, the US Dollar is not experiencing the equivalent weakness. At the same time, the longer-term pressures for Gold remain, meaning traders should remain cautious of upward impulse waves.According to the World Gold Council (WGC), Chinese physically backed gold ETFs recorded their largest monthly outflow on record in June, with assets under management falling 16% and holdings dropping by 17 tonnes. Stronger Chinese stock markets, a firmer yuan, and higher yields on other investments have reduced demand for Gold.
At the same time, geopolitical tensions in the Middle East continue to support the US Dollar as a safe-haven asset. Concerns that higher oil prices could fuel inflation have increased expectations that the US Federal Reserve may keep interest rates higher for longer. This has strengthened the US Dollar and pushed 10-year Treasury yields higher. These factors are limiting Gold's upside and may even push the price even lower.
Meanwhile, trading activity in the gold market has slowed. CME data shows futures and options volumes have eased, suggesting traders are waiting for a clearer catalyst before making larger moves.
This may come from the Federal Reserve’s interest rate decision on Wednesday, 29 July Currently, only 29% of the market expects the Fed to increase interest rates. However, this is higher than the 12% seen last week. Also, less than 10% believe the Fed will not hike by the end of the year. This continues to be a pressure point for Gold. If the Fed does not hike but indicates a future hike, Gold may still witness renewed pressure.
New Trump Tariffs
Overnight, President Trump’s administration has introduced new 10%-12.5% tariffs on imports from 60 trading partners, citing concerns over forced labor in global supply chains. The move effectively rebuilds much of the US tariff wall after earlier tariffs were struck down by the Supreme Court. This time, Trump is using a different legal framework under the Trade Act of 1974, and forced labour as the pretext.The new duties are expected to increase trade tensions, raise import costs, and keep markets focused on the potential impact on inflation and global economic growth. In the past, tariffs have supported Gold as they also have this morning. However, this may not be the case if the Federal Reserve hikes interest rates.
Gold - Technical Analysis
HFM - Gold 2-Hour Chart
The US Dollar Index is trading lower this morning, but remains above the main moving averages on the larger timeframes. On smaller timeframes, the price remains at a neutral level based on moving average and the Relative Strength Index. If the price of Gold rises above $4,058.00 and the US Dollar Index falls below 101.11, Gold may see a bullish signal arise from indicators and price action. However, this only applies in the short-term.
Key Takeaway points:
- Gold remains under pressure from a stronger US dollar, higher Treasury yields, and expectations of higher interest rates.
- Chinese gold ETF demand weakened sharply, as investors shifted capital into equities and higher-yielding assets.
- Next week’s Federal Reserve meeting is crucial, with any hawkish signals likely to pressure gold further.
- Trump’s new tariffs and Middle East tensions support safe-haven demand, but a stronger dollar limits gold’s upside.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!
Click HERE to READ more Market news.
Michalis Efthymiou
HFMarkets
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Реклама: 🔥 Хочешь получить Telegram Premium и стать гуру Polymarket? Кликай сюда!
