Gold ralliedon Tuesday, gaining over 1.5% to trade above $3,280 as the U.S. dollar extended its decline. The DXY index fell toward the critical 100.21 support level, pressured by Moody's U.S. credit downgrade and dovish Federal Reserve commentary. This softer greenback is helping drive bullish momentum in the precious metals complex, with gold benefiting from its safe-haven appeal amid ongoing geopolitical risks and uncertainty over future U.S. tariff policy.
Technically, spot gold is pushing back toward the $3,280 resistance zone. The price bounced strongly off the 50-day SMA at $3,176 and now trades just below a ceiling near $3,300. The bullish engulfing candle on the daily chart confirms buyer control. If price clears $3,300 with conviction, the next leg could target April highs near $3,450.