, The price of gold (XAU/USD) rose to almost $3,310 during North American trading hours on Wednesday, bouncing back from a 1% decline the previous day. Despite growing confidence that the United States and European Union will reach a trade agreement soon, investors continue to invest in gold. On Tuesday, US President Donald Trump expressed his confidence in a post on Truth.Social stating that the EU is working quickly to negotiate a trade deal with Washington. He noted his satisfaction with the 50% tariff imposed on the EU and the fact that they are no longer “slow walking” negotiations. Trump also reported that the EU has called for meeting dates to be established quickly, which he sees as a positive event.The improving global economic outlook for both the US and EU, as they both play significant roles in the global economy, has diminished demand for safe-haven assets like gold. This has also been reflected in the strengthening of the US dollar, which has recovered from its recent low on Monday. A strong US dollar can make gold a less attractive investment for traders.On a technical level, the price of gold is struggling near a rising trendline at $3,335 on a daily chart, drawn from the high of $2,726 on December 12. However, the overall trend for the precious metal remains bullish, as it continues to hold above the 20-day Exponential Moving Average (EMA) at $3,288. The Relative Strength Index (RSI) over the past 14 days has been oscillating within the 40-60 range, indicating indecision among market participants.Looking ahead, the key resistance level for gold is the May 7 high of $3,440, while the May 15 low of $3,120 will be an important support level.