Headline: Gold Suffers Sharp Pullback as US-China Tariff Rollback Sparks Risk-On Rally

Over the weekend, US and Chinese officials met in Switzerland, where both sides agreed to a significant de-escalation of trade tensions. The United States will reduce tariffs on Chinese imports from 145% to 30%, while China plans to lower levies on US goods from 125% to just 10%—both for a 90-day trial period. This mutual compromise ignited optimism across equity markets and undermined demand for traditional safety plays like gold.

Technical Breakdown: Double Top Confirms Reversal

The daily gold chart paints a technically bearish picture, reinforcing the sentiment shift. A well-formed Double Top pattern near the $3,439 resistance level has now confirmed a reversal after price failed to break above this key zone twice. The breakdown from the neckline has triggered a swift selloff, with gold now hovering near $3,227.

Support levels to watch on the downside include:

• $3,165.72 – immediate support

• $3,049.41 – intermediate level that may offer a bounce

• $2,842.82 – strong longer-term support