- As we have often expected, the increase in global geopolitical and trade tensions will support more bulls' control over the direction of the immediate gold price trend.
- Furthermore, the technical indicators moving towards strong overbought levels is not important as much as focusing on the continuation of the gold market's gains factors.
- The gold price index moved towards the resistance level of $2947 per ounce today, Thursday, which is a new historical record for gold prices, which will increase the stronger momentum to move towards the historical peak of $3000 per ounce as soon as possible.
Will gold prices rise in the coming days?
All indications still support the upward trend of gold prices. Its recent gains came with investors continuing to assess the latest minutes of the Federal Open Market Committee (FOMC). The January meeting minutes confirmed the call by policymakers at the US Federal Reserve for more evidence of sustained inflation contraction while highlighting concerns that trade policy shifts, such as higher tariffs, could add to inflationary pressures.
Current market pricing includes one cut in the US interest rate in 2025, with the possibility of a second cut. At the same time, the attractiveness of gold remained strong with the continuation of global uncertainty. Trump recently announced plans to impose tariffs of 25% on cars, along with tariffs on semiconductors and pharmaceuticals, escalating trade tensions. Investors are also closely monitoring peace talks between the US and Russia on the Ukraine war, although the exclusion of Kyiv has raised concerns about potential delays. Elsewhere, China kept benchmark lending rates unchanged, signalling a cautious approach to monetary stimulus.
Trading Tips:
The direction of the gold price is strongly upward, and gold has risen by $320.31 per ounce. or 12.21% since the beginning of 2025, according to trading on the contract for difference (CFD) that tracks the reference market for this commodity.
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The US dollar price is looking for a direction
According to the forex market trading and through the platforms of licensed trading companies, The US dollar index DXY, which measures the performance of the US currency against a basket of other major currencies. Concurrently, it is hovering around 107 today and is struggling to find a clear direction as investors assessed the latest minutes of the Federal Open Market Committee (FOMC) and ongoing developments in trade policy. Moreover, the minutes of the Federal Reserve’s January meeting highlighted policymakers’ focus on the need for more evidence of sustainable low inflation. Also, warning of inflation risks from potential shifts in trade, immigration, geopolitical turmoil and strong household spending.
Obviously, the minutes echoed the previous Fed chairman’s statement that the Fed is in no rush to cut US interest rates further.
In parallel, US President Donald Trump announced plans to impose 25% tariffs on imports of cars, semiconductors and medicines, effective April 2. Currently, investors are pricing in one rate cut for 2025, with some speculating that a second cut is possible.
Gold Price Technical Analysis and Expectations Today:
Keep in mind that today's gold analysts' expectations still indicate the possibility of immediate gold prices moving to new record highs, the most prominent of which is currently the resistance level of $3,000 per ounce. From now on, all technical indicators have reached strong buying saturation levels. Thus, be careful when buying from record highs, as profit-taking sales may occur at any time if global geopolitical and trade tensions calm down and the US dollar's gains stop.
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