Thu Jul 17 09:20:00 UTC 2025: Okay, here’s a news article summarizing and rewriting the provided text:

**Gold Prices Fluctuate Amid Fed Uncertainty, Trade War Fears**

**New York –** Gold prices (XAU/USD) experienced a volatile trading session on Thursday, initially spiking to a 3.5-week high around $3,377 on concerns about potential White House intervention regarding Federal Reserve Chair Jerome Powell. Reports circulated that President Trump was considering removing Powell, raising fears about the Fed’s independence.

However, prices retreated after Trump told reporters that he was unlikely to fire the central bank chief, easing concerns about the Fed’s autonomy and boosting the US dollar. This in turn, limited gold’s upside.

Adding to the mixed signals, US Producer Price Index (PPI) data for June came in weaker than expected, showing no change. Commentary from FOMC members suggested the Fed will likely wait until September before making any more interest rate cuts, further supporting the dollar and putting downward pressure on gold.

Despite the dollar’s strength, gold found some support as a safe-haven asset. Concerns persist about the potential economic fallout from the Trump administration’s unpredictable trade policies. Recent actions, including imposing tariffs on copper imports and signaling new tariffs on other nations, alongside threats to hike drug import tariffs, have heightened market anxiety.

Analysts are advising caution for gold sellers, suggesting waiting for a more decisive downward break before establishing short positions. Traders are closely watching upcoming US economic data, including retail sales, jobless claims, and the Philadelphia Fed Manufacturing Index. Speeches from key FOMC members are also under scrutiny for clues about the Fed’s future interest rate policy.

From a technical standpoint, gold prices remain range-bound, indicating indecision among traders. Any significant downward movement is expected to find initial support around $3,322-$3,320, followed by the $3,300 level. A drop below $3,282 could open the door to testing the July lows around $3,248-$3,247. Conversely, bulls need to see sustained strength above $3,365-$3,366 to trigger a rally toward $3,400, with the next major resistance around $3,434-$3,435.

Read More