- Concerns about the consequences of the US administration imposing more tariffs on the future of the global economic recovery and the future of central bank policies continue to support more purchases of gold bullion.
- Spot gold prices recently rose to the resistance level of $2955 per ounce, the highest in the history of gold prices, and amid strong control of the bulls over the direction, gold prices closed trading stable around the $2936 per ounce level.
- The eyes of the bulls are watching for the opportunity to move towards the psychological resistance of $3000 per ounce, which has been talked about technically as soon as the $2900 barrier was crossed, and amidst Trump's disturbing policies.
According to gold trading company platforms, gold bullion prices have recorded gains of 12% in trading for the year 2025 so far, after gains of 27% during the year 2024. 1 In general, the gold market has been in an unprecedented winning streak, ending the past eight weeks not only in positive territory but also at its all-time highs. The gold market is witnessing its longest weekly rise since mid-2000 when prices first rose to $2,000 an ounce. In general, the rise in gold prices beyond $3,000 will depend on the US government's fiscal policy and the monetary policy of the Federal Reserve Board.
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Gold Experts’ Expectations for Future Prices
In this regard, the latest weekly gold survey showed that gold industry experts are more cautious about the prospects for future gold prices in the near term, while individual traders went the other way with renewed optimism about gold price gains. For his part, James Stanley, senior market analyst at Forex.com, said: "Gold has risen. And the bulls have shown no signs of backing down yet, and this week has been another strong weekly bar so far. I think there is a very good chance of gold reaching 3,000 soon, but that is where I think some turbulence may appear."
Meanwhile, some experts see gold prices as due for a correction in the near term. However, they see the best buy on the dip, especially with the threat of US tariffs entering a new phase next month.
The analyst team at Commerzbank said they remain bullish on gold prices for the week ahead. “Gold is benefiting from this uncertainty, with prices repeatedly hitting new highs,” they said. “The $3,000 level is getting closer and is likely to be reached soon.” Lukman Otunuga, head of market analysis at FXTM, said that a weaker US dollar could push gold prices to new highs in the coming period. He added, “If the US dollar remains on the defensive next week, this could strengthen the upside – making the $3,000 gold dream a little bit closer to reality,”.
Gold Price Technical Analysis and Expectations Today:
According to the performance on the daily chart, gold prices are still on an upward path. Today, gold analysts' expectations indicate the possibility of moving towards the historical psychological peak of $3000 per ounce as soon as possible, especially after moving towards the resistance of $2955 per ounce last week. As we mentioned before, gold investors will not care about the technical indicators moving towards strong buying saturation levels as much as they care about the continuation of gold bullion profit factors. Furthermore, Global geopolitical tensions and more global central banks' purchase deals of gold will continue to support the upward movement of prices. Currently, the closest support levels for gold prices are $2912, $2880 and $2848 per ounce, respectively.
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