Gold Analysis Overview:
- General Trend: Upward.
- Gold Support Points: $3090 – $3055.
- Gold Resistance Points: $3138 – $3160.
- Gold Trading Signal: Possible selling for profit-taking, but avoid high risk.
Gold Price Technical Analysis and Expectations Today:
According to gold trading company platforms, gold prices jumped to a new all-time high of $3149 per ounce, continuing its best quarterly performance since September 1986. Gold bullion gains increased amid historic demand for gold bullion as a safe haven ahead of the official implementation of US tariffs, which in turn increased fears of a global trade war.
For his part, Trump announced that the reciprocal tariffs, scheduled to take effect Wednesday, will apply to all countries instead of a smaller group of 10 to 15, with additional tariffs on autos set to be imposed on Thursday. Along with trade concerns, gold's rise was driven by expectations of interest rate cuts, continued central bank purchases, and strong demand for gold-backed exchange-traded funds (ETFs).
On the economic front, according to economic calendar data, recent US economic data indicated weakness, with the manufacturing sector contracting in March and US job openings falling to 7.57 million in February, below the expected 7.63 million. Investors are now turning their attention to the US non-farm payroll report, which will be released on Friday, for more evidence of the Federal Reserve's US interest rate cut path.
Top Forex Brokers
Trading Tips:
We still recommend buying gold at any downward trend, but without risk, regardless of the strength of the trading opportunities.
Will Gold Prices Decline in the Coming Days?
According to trading on licensed trading platforms, spot gold prices have risen to a historic high ahead of Trump's tariffs, which threaten a wide-ranging global trade war that will ultimately impact the future of the global economic recovery.
According to trading, the price of gold (XAU/USD) has risen by about 18% this year, reaching at least 15 all-time highs. Gold's consecutive gains have been fuelled by record buying by central banks and demand for safe havens amid growing geopolitical and macroeconomic uncertainty. Overall, these factors have supported prices even as swap traders have reduced their bets on the Federal Reserve easing interest rates this year to two quarter-point cuts. Lower interest rates tend to benefit non-yielding bullion.
Gold's gains will not stop anytime soon, as several major banks have raised their price targets for the gold price index. This month, Goldman Sachs Group Inc. raised its forecast to $3,300 per ounce by the end of the year. The lender pointed to higher-than-expected demand from global central banks and strong inflows into bullion-backed exchange-traded funds (ETFs).
Gold Price Forecasts
Gold price forecasts for the coming days are bullish, and bulls will remain dominant as long as gold remains above the psychological peak of $3,000 per ounce. Investors will not be concerned with technical indicators reaching strong overbought levels as much as they will be concerned with the continued momentum of gold's gains, which are outlined in the analysis.
Key Technical Levels for Gold Today
- Key support levels for gold prices: $3,090, $3,078, and $3,050 per ounce.
- Key resistance levels for gold prices: $3,145, $3,160, and $3,200 per ounce.
Frequently Asked Questions About Today's Gold Analysis
How will the gold market be affected by US tariffs today?
The gold market will indeed be affected by the imposition of US tariffs today, and if tariffs are imposed on gold imports, spot gold prices may move to new record highs. Conversely, if no tariffs are imposed on gold, gold may move according to other influencing factors.
Will gold rise this week?
If US jobs figures fall short of expectations, the US dollar declines, and global geopolitical tensions persist, gold prices will rise in the coming days.
Ready to trade our Gold forecast? We’ve shortlisted the most trusted Gold brokers in the industry for you.