Gold (XAUUSD) consolidates near the resistance of the descending channel and awaits the next direction as the US dollar remains uncertain.
Gold (XAUUSD) prices dropped after hitting the resistance at $3,360, following US President Donald Trump's decision to delay the 50% tariffs on European Union goods until July 9. The move boosted risk appetite and pushed global equities higher. As a result, safe-haven demand for gold weakened sharply.
On the other hand, the US Dollar Index (DXY) rebounded to 99.60, supported by a significant increase in consumer confidence. The strong consumer data signaled resilience in the US economy and lowered expectations for immediate Fed easing. The rebound in the US dollar added further pressure on gold prices.