Gold Analysis Overview:
- General Trend: Upward
- Support Points for Gold: 3100 – 3075.
- Resistance Points for Gold: 3155 – 3170.
- Today's Gold Signal: Watch for Profit-Taking Selling Opportunities
Gold Price Technical Analysis and Expectations Today:
During the week of the US tariffs, spot gold prices jumped to a new all-time high, reaching the resistance level of $3149 per ounce, the highest in the history of gold bullion prices, before stabilizing around $3127 per ounce at the time of writing. Gold market gains increased as investors flocked to safe-haven bullion before US President Donald Trump began implementing new tariffs, which increased fears of a global trade war.
In this regard, Trump stated that the reciprocal tariffs, scheduled to take effect on Wednesday, will apply to all countries except a small group of 10 to 15. Additional tariffs on autos will follow on Thursday. A number of other factors, including interest rate cut bets, central bank purchases, and demand for exchange-traded funds, also contributed to the record high in bullion prices.
According to gold trading platforms, the gold price index recorded its best quarterly performance since September 1986 in the last trading session.
Meanwhile, investors are closely monitoring US labour market data, including today's job openings report, Wednesday's ADP employment figures, and Friday's nonfarm payrolls data, for further indications on the Federal Reserve's interest rate cut path.
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Trading Tips:
The strong and record gold trend may be followed by profit-taking at any time. Be cautious and monitor the market's influencing factors to find the best trading opportunities, and never take risks.
US Dollar Stabilizes Before Implementing New Tariffs
According to Forex trading, the US Dollar Index, which measures the performance of the US currency against a basket of other major currencies, stabilized around 104 amid cautious investor anticipation of US President Donald Trump's implementation of reciprocal tariffs to clarify the economic outlook. Overall, the scope of these tariffs remains unclear, as Trump indicated that they would be applied broadly to all countries, while reports indicate that he is urging his advisors to adopt a more assertive trade stance.
Regarding monetary policy, John Williams, President of the Federal Reserve Bank of New York, stated that he could not predict when the US central bank would adjust interest rates, stressing that maintaining the current level "for some time" would allow officials to assess incoming data before making any further decisions.
Upcoming Gold Price Forecast
As previously mentioned, and according to today's gold analysts' forecasts, gold prices will remain stable around and above the historical resistance of $3,000 per ounce, supporting the upward trend and heralding a strong upward movement. Gold's recent and successive gains have moved all technical indicators toward strong overbought levels. Therefore, caution should be exercised regarding the possibility of profit-taking if current market tensions subside, and the US dollar rises.
Most Important Technical Levels for Gold Today
- Most Important Support Points for Gold Prices Today: $3,100 – $3,085 – $3,060 per ounce.
- Most Important Resistance Points for Gold Prices Today: $3,155 – $3,170 – $3,200 per ounce.
Frequently Asked Questions About Today's Gold Analysis
Will gold prices decline today?
This will depend on the easing of global geopolitical and trade tensions and a rise in the US dollar, but if this happens, the trend will not turn bearish anytime soon.
What will happen to gold with US tariffs?
If the US administration imposes tariffs on gold, prices could rise to new record highs. If not, the price of gold could move according to the influencing factors listed in the analysis.
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