Gold bounced modestly this week as markets digested U.S. President Donald Trump’s unprecedented attempt to fire Fed Governor Lisa Cook. The move marked a sharp escalation in Trump’s long-running feud with the central bank, where he has repeatedly pressed for faster rate cuts but stopped short of threatening Chair Jerome Powell before his term expires next year.
Investors interpreted the move as an effort to reshape the Fed’s balance, raising the risk of a more politically driven policy stance. That uncertainty spurred some safe-haven demand for Gold, but follow-through buying has been limited. The metal remains confined within this month’s 3,300–3,400 range.
In the bigger picture, Gold has been trapped between 3,100 and 3,500 for more than three months. The long-term uptrend remains intact, but it’s unsure whether another leg down will unfold before the market finally tests resistance at the 3,500 threshold.
For now, break above near-term resistance at 3,408.21 is needed to signal momentum is turning higher. Without that, Gold’s outlook stays neutral, with sideways trading likely to dominate in the days ahead.
