Today, gold remains under pressure; however, several factors are limiting further decline. Expectations that the tariffs imposed by U.S. President Donald Trump will support inflation in the United States in the coming months and force the Federal Reserve to keep interest rates at current levels are undermining the potential for further growth in the yellow metal's price.

Nevertheless, the U.S. dollar is struggling to attract buyers due to concerns about the country's deteriorating financial position.

Additionally, fears of a potential economic downturn caused by Trump's trade tariffs, as well as ongoing geopolitical risks, are maintaining investor anxiety. This limits aggressive bearish positioning on gold and provides some support to the price.

From a technical standpoint, after the overnight rebound, the price encountered resistance near the 100-period Simple Moving Average (SMA) on the 4-hour chart, located around the $3347 level. This is followed by a supply zone in the $3360–3365 level. A firm breakout above this zone would trigger short covering and push the precious metal's price toward the psychological level of $3400.

On the other hand, support is seen around the $3300–3295 level, which may cap immediate losses. A break below this level could accelerate the decline toward the next support at $3270. Further losses may lead the price to test the lows of June's fluctuations.