Gold: Some clarity – OCBC

President Trump wrote on Truth Social that imports of gold will not be tariffed, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Mild bullish momentum on daily chart fades

"This helped to remove earlier confusion when media earlier reported that 1-kg and 100-oz gold bar imports from Switzerland will be tariffed at 39%. Nevertheless, there is still no formal update/ executive order passed on this. Near term, US CPI and market expectation of Fed cut trajectory may also influence gold outlook."

"XAU was last seen at 3351. Mild bullish momentum on daily chart faded while decline in RSI moderated. Key area of support around 3340/50 (21, 50 DMAs). Decisive break puts next support at 3290 levels. Resistance at 3450, 3500 (2025 high)."