Gold rises amid heightened uncertainty following Trump’s firing of Fed Governor

Gold climbed to a two-week high on Tuesday, lifted by a fresh wave of risk aversion after President Trump’s decision to dismiss Fed Governor Cook deepened market uncertainty.

The move underscores Trump’s renewed tensions with US policymakers, following his earlier but unsuccessful campaign to remove Fed Chair Powell. While that effort was sidelined, Trump continues to push for a dovish majority in the FOMC after failing to secure more aggressive rate cuts.

The latest rally broke through the key $3385 barrier (upper triangle boundary / 76.4% Fibo of the $3408–$331 decline) but has so far struggled to extend gains.

The daily technical outlook remains mixed: a bullish engulfing pattern has emerged (pending confirmation), and price action is supported by the thick daily Ichimoku cloud. However, neutral momentum readings and an overbought stochastic indicator temper the positive signals.

A sustained daily close above the broken 50% Fibo level at $3360 is the minimum requirement to preserve the bullish bias. A further close above $3371 (broken 61.8% Fibo) would strengthen optimism for a break through the triangle’s upper boundary, opening the way toward key resistance at $3400/08 (psychological / Aug 8 peak).

Res: 3385; 3400; 3408; 3431
Sup: 3371; 3360; 3353; 3348