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Gold Clings Above $3,000 Despite Pullback, Poised for Weekly Gain as Strong US Dollar and Geopolitical Tensions Sustain Prices

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  • March 22, 2025
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Gold prices fell for the second day in a row on Friday, dropping to about $3,019 as investors took profits and the US Dollar gained strength. Gold is still poised for weekly gains, however, driven by escalating geopolitical tensions and uncertainty in the market. The strong position of Federal Reserve officials, with no hurry to lower interest rates in the face of economic uncertainty and the effect of President Trump’s trade policy, has also added strength to the Greenback. Rising tensions in Gaza have meanwhile contributed to market anxiety, sustaining gold’s safe-haven appeal despite momentum indicators pointing towards a possible short-term correction. KEY LOOKOUTS • Short-term pullbacks notwithstanding, gold’s resilience in remaining above the psychological $3,000 level reflects underlying bullishness and further potential for the price to go higher if investors buy back. • The strengthening US Dollar and the dovish stance of Fed officials, who don’t see an immediate need to reduce interest rates, still depress gold prices short term. • Gaza violence and increasing geopolitical tensions may provide support to gold as a safe-haven asset, keeping investors in suspense. • The nearest support is at $3,020, then the key $3,000 and $2,954 levels. On the upside, a move above $3,050 may lead the way to the $3,100 Gold traders are keenly observing key factors that may determine price action in the next few days. In spite of recent profit-taking and the strength of the US Dollar, gold’s resilience to remain above the pivotal $3,000 level indicates sustained investor appetite. The Federal Reserve’s conservative approach to interest rate reductions and increasing US Treasury yields are pinning down bullion, but geopolitical tensions—most notably the renewed hostilities in Gaza—are sustaining gold’s safe-haven demand. Market participants will also be watching key technical levels, support around $3,020 and resistance at $3,050, which might dictate the direction of XAU/USD in the next session. Gold continues to hold up above the $3,000 level despite temporary profit-taking and a firmer US Dollar. Geopolitical tensions and the Fed’s hawkish tone remain at play and continue to affect market sentiment, with investors ready to watch out for key technical breakouts. • Gold prices fall for the second day in a row but stay above the $3,000 mark. • Gold is poised to record weekly gains despite the retreat, driven by market uncertainty. • US Dollar gains as investors react to Fed’s conservative approach to rate cuts. • Fed officials signal no hurry to loosen policy, citing economic uncertainty and Trump’s tariffs. • Geopolitical tensions increase as Israel renews attacks in Gaza, fueling safe-haven demand. • Technical perspective indicates short-term support at $3,020 and major resistance at $3,050. • Momentum indicators indicate a possible short-term pullback, but long-term trend is bullish. Gold prices have remained resilient this week, holding firm despite a temporary dip towards the close of the trading sessions. The market still struggles with a stronger US Dollar, fueled by cautious indications from Federal Reserve officials who have reaffirmed their policy of keeping interest rates unchanged in the face of economic uncertainties. With no imminent intention to loosen monetary policy, investors are closely watching how trade policies, particularly the effects of newly imposed tariffs, will influence the overall economic outlook in the next few months. XAU/USD Daily Price Chart Chart Source: TradingView Grappling with market tensions are mounting geopolitical threats, especially in the Middle East. The recent restart of hostilities in Gaza after a two-month ceasefire has ratcheted up global uncertainty. Such events usually heighten demand for safe-haven assets such as gold since investors want insulation from possible worldwide instability. Despite short-term threats, long-term economic and geopolitical issues continue to underpin the role of gold in diversified investment portfolios. TECHNICAL ANALYSIS Gold still shows a widely bullish trend in spite of recent declines. The metal has managed to hold above the important psychological level of $3,000, reflecting strong underlying support. Momentum indicators such as the Relative Strength Index (RSI) do, however, indicate a short-term loss of bullish momentum, with the index having fallen for the second day in a row. If selling pressure intensifies, gold may test lower support zones at $3,020 and major resistance at $3,050 , while a rebound above recent resistance could reignite upward momentum. Traders are closely watching these key levels to determine the next directional move. FORECAST Gold prices could see a fresh rally in the coming sessions. A sustained move above recent resistance levels may open the path toward higher targets, potentially revisiting the $3,050 zone and beyond. Sustained geopolitical tensions, uncertainty over global trade policies, and any economic softening would further enhance the safe-haven appeal of gold. And on the Federal Reserve front, any change in tone to a dovish position could be the trigger for fresh bullion buying interest. Conversely, if profit-taking persists and the US Dollar stays firm, gold could experience more downside pressure. A breakdown below the $3,000 psychological level would instigate a more serious correction, sending prices down to the next support levels. Increasing US Treasury yields and ongoing hawkish messages by Fed officials could also hamper sentiment, inducing transitory losses in gold’s positive trend. Unless key support levels are broken decisively, however, the overall outlook should still remain positive in the medium term.

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Commodities Gold

Gold Retreats On Quadruple Witching: Rally Halts Near $3,030 but Bullish Traction Remains Unscathed

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  • March 21, 2025
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Gold prices backed off on Friday, falling from their all-time highs during the turmoil of Quadruple Witching — a market phenomenon that involves the concurrent expiry of different futures and options contracts. Having earlier reached a new all-time high of $3,057, gold fell back to a level of about $3,030 in the European session, as investors practiced profit-taking. Even after the pullback, the yellow metal is still well-supported above the crucial $3,000 level, and geopolitical tensions as well as uncertainty in the global economy continue to support its allure. Analysts are still hopeful, with expectations that gold can rally further to the $3,500 level in the months ahead. KEY LOOKOUTS        • Gold is still firmly supported above the psychological $3,000 level despite the recent fall, which keeps the bull run alive. • Near-term resistance is at $3,042, followed by the new all-time high of $3,057. A breakout higher would set the stage for $3,074 and higher. • Ongoing violence in Gaza and Ukraine, and pending U.S. tariff releases, can continue to fuel safe-haven demand for gold. • Expiration of several futures and options contracts can produce near-term volatility, but also present strategic buying opportunities for investors. Gold’s recent fall to about $3,030 is in the midst of increased market volatility fueled by Quadruple Witching, providing a chance for profit-taking among traders. The overall outlook, however, remains positive as the precious metal continues to trade above the important $3,000 support level. Important resistance levels at $3,042 and the recent all-time high of $3,057 will be closely monitored, with additional upside potential towards $3,074 if the momentum picks up. At the same time, geopolitical tensions and imminent trade tariffs remain supporting gold’s safe-haven demand, maintaining investor appetite strong and a possible rally to $3,500 in the cards. Gold remains firm above the critical $3,000 mark even as it fell back after Quadruple Witching profit-taking. Geopolitical tensions and fears of a trade war keep bullish momentum intact, with the $3,500 target within reach. • Gold experiences a small pullback after setting a new all-time high, largely because of Quadruple Witching profit-taking. • The precious metal continues to be well-supported above the psychological $3,000 mark, reflecting sustained bullishness. • Middle Eastern and Ukrainian geopolitical tensions continue to fuel safe-haven demand for gold. • Trade war worries and future U.S. tariffs are other drivers of investor interest in gold. • Gold has produced solid gains in 2025, including 15 record highs so far this year and a 16% gain. • Institutional funds and pension plans are increasingly relying on gold as a safe bet. • Forecasts see additional gains, with some predicting that gold may rise to $3,500 amidst continuing global uncertainty. Gold remains a favored safe-haven asset, propelled by persistent geopolitical tensions and economic uncertainty worldwide. Investors are looking more and more to the precious metal in light of Middle East and Ukrainian conflicts, as well as fears of possible trade interruptions. The quest for stability during uncertain times has driven a robust rally this year, underscoring gold’s position as a safe store of value. XAU/USD Daily Price Chart Chart Source: TradingView To add to its popularity, institutional buying is also increasing interest in gold. Pension funds and big investment institutions have reported solid returns from their commodity exposure, including gold. For example, the Ontario Teachers’ Pension Plan recently recorded hefty gains, thanks in part to its commodity investments in gold. With analysts predicting even more elevated price targets, gold remains a magnet for individual and institutional investors looking for long-term safety. TECHNICAL ANALYSIS Gold’s recent action displays a healthy period of consolidation following its robust run-up. Despite the prices trimming some of the gains, overall structure remains positive with support holding strong and registering ongoing buying pressure. The market is experiencing customary profit-taking as the market normally experiences during periods like Quadruple Witching but significant resistance points are still reachable. As long as gold remains in a position above critical levels of support, the upward trend is going to keep on going, and the trader will have opportunities to get in on dips and participate in the general trend. FORECAST Gold will continue on its bullish path in the medium to long term due to ongoing geopolitical tensions, economic uncertainty, and growing institutional investor demand. With the analysts setting targets as high as $3,500, the metal continues to draw safe-haven flows. If global tensions escalate or economic worries deepen, gold may witness fresh buying traction, driving prices above recent all-time highs. Central bank buying and inflation pressures could also serve as added tailwinds to the metal’s rally. While there is a robust overall prognosis, gold is not exempt from downside risks. Short-term adjustments could happen as a result of profit-taking, volatility in the markets, or change in investor mood during significant financial events such as Quadruple Witching. An appreciating U.S. dollar, increasing bond yields, or relaxation in geopolitical tensions could short-term pressure prices. If gold falls below important support levels, it can induce a more serious correction, inducing caution among market participants. But such pullbacks will be considered as buying opportunities unless there is a significant change in broader market fundamentals.

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Commodities Gold

Gold Reaches Record High at $3,045 Before Fed Decision as Geopolitical Tensions Rise and the Market Remains Uncertain

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  • March 19, 2025
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Gold reached a new record high of $3,045 on Wednesday amid rising geopolitical tensions and market uncertainty in anticipation of the U.S. Federal Reserve’s interest rate decision. The rally was driven by disconcerting reports from Turkey and Ukraine, and fears of possible economic slowdown in the U.S. even with a temporary ceasefire deal between President Trump and President Putin. While gold’s momentum is still robust, analysts are cautioning of a potential pullback, particularly if the Fed indicates fewer rate cuts than anticipated. While markets wait with bated breath for Jerome Powell’s remarks and economic forecasts, gold traders are eagerly waiting for signals that would determine the next major move in the precious metal. KEY LOOKOUTS • The Fed’s interest rate decision and economic forecasts, which may influence the direction of gold in the subsequent sessions. • Political instability in Turkey and uncertainty in Ukraine are still backing gold prices as safe-haven demand continues to stay high. • Keep an eye on critical resistance levels of $3,048 and $3,063; a break above might spark a new wave of gold bullishness. • Gold’s strong rally could get a near-term correction if the Fed gives cues of less rate cuts or turns hawkish. Gold’s stellar rally to an all-time high of $3,045 is a reflection of increasing geopolitical tensions and increased investor wariness in anticipation of the U.S. Federal Reserve policy announcement. The metal’s safe-haven demand has been supported by political turmoil in Turkey and continued uncertainty in Ukraine, as market players look to the Fed’s interest rate outlook and economic forecasts for 2025 and beyond. A hawkish Fed or less-than-anticipated rate cut signals may provoke a short-term retreat in gold prices. Yet, technical resistance levels at $3,048 and $3,063 are still crucial to monitor, as a break above these levels would ignite more upside momentum. Gold reached a record high of $3,045 in the wake of increasing geopolitical tensions and before the key Fed interest rate decision. Investors now wait for cues on subsequent rate cuts, while technical resistance at $3,048 would decide the direction of gold prices next. • Gold rose to a record high of $3,045 on Wednesday, fueled by geopolitical tensions and market expectation. • Political instability in Turkey and ongoing uncertainty in Ukraine have bolstered safe-haven demand for gold. • Investors are keenly awaiting the Federal Reserve’s interest rate decision and economic forecasts for future policy guidance. • Any hawkish rhetoric from the Fed or lower rate cut expectations could lead to a short-term gold correction. • Technical resistance points at $3,048 and $3,063 may define further upside potential in gold prices. • Levels of support to monitor are $3,024, $3,010, and the psychological $3,000 level. • Gold’s rally may be overbought despite bullish sentiment, with traders wary of a potential pullback. Gold hit a new record high of $3,045 as investors grew increasingly nervous over increasing geopolitical tensions and global economic uncertainty. Prices rose as markets responded to important political events, such as the arrest of Istanbul’s mayor, a prominent opposition leader in Turkey, and persistent turmoil in Ukraine. These occurrences have bolstered gold’s reputation as a historical safe-haven asset, as investors turn to it for security in uncertain global headlines. XAU/USD Daily Price Chart Chart Source: TradingView To the uncertainty, attention now turns to the U.S. Federal Reserve, which will make its most recent interest rate decision and release new economic forecasts. While the market generally expects no change, expectations for future rate reductions have the potential to impact overall market sentiment. With a backdrop of nervous optimism and geopolitical tension, gold remains a focus as a hedge against prospective financial volatility and policy changes. TECHNICAL ANALYSIS Gold’s recent surge to an all-time high of $3,045 reflects robust bullish momentum in the market. The short-term attention now turns to critical resistance levels near $3,048 and $3,063, which may serve as prospective breakout areas in case of further pressure on the upside. On the downside, levels near $3,024, $3,010, and the psychological level of $3,000 are crucial checkpoints in the event of a pullback. While the trend remains positive, traders should stay cautious, as overbought conditions could lead to short-term corrections before the next leg higher. FORECAST Gold’s latest rally implies there is scope for further price rises in the immediate term, provided geopolitical tensions prevail or the Federal Reserve introduces dovish policy measures. A repeated breach above $3,045 could lead to the opening up of higher levels of resistance levels, and it is investor psyche that could bring prices towards the $3,063 levels or higher. Fresh fears over international economic stability as well as the demand for haven assets may yet continue to power bullish sentiment across the gold complex. Even with the aggressive rally, there is still potential for a short-term correction as gold begins to appear somewhat overbought. If the Federal Reserve leans more toward being hawkish or indicates fewer rate reductions than expected, it has the potential to place downward pressure on prices. In that case, gold could fall back towards important support levels at $3,024 or even flirt with the psychological $3,000 threshold. A more pronounced correction can then follow if sentiment in the larger markets turns away from risk aversion.

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Commodities Gold

Gold Holds Steady Near Record Highs Amid Trade Tensions and Fed Rate Cut Bets

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  • March 17, 2025
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Gold price (XAU/USD) continues to consolidate near its all-time highs, supported by rising trade tensions, geopolitical risks, and growing expectations of multiple interest rate cuts by the Federal Reserve in 2025. Despite a subdued start to the week, the precious metal remains well bid due to safe-haven demand, while a weaker US Dollar further underpins the bullish outlook. Although China’s recent economic stimulus has improved global risk sentiment and capped immediate gains, the overall trend remains in favor of the bulls. Market participants now await the upcoming FOMC decision for fresh direction, with the broader setup suggesting potential for further upside momentum. KEY LOOKOUTS • All eyes are on the Federal Reserve’s policy meeting, which is expected to provide clarity on interest rate cuts and drive the next major move in XAU/USD • Ongoing conflicts in the Middle East and rising trade war fears continue to fuel safe-haven demand for gold, keeping it near record highs. • A weaker US Dollar, hovering near multi-month lows, remains a supportive factor for gold prices. Any shift in USD sentiment could influence gold’s direction. • Key support lies near $2,956 and $2,930–2,928 zones, while a sustained move above $3,000 could open doors for the next bullish leg in gold’s uptrend. As gold prices hover near record highs, market participants are closely watching several key factors that could influence the next move in XAU/USD. The upcoming Federal Reserve policy decision remains a critical event, with expectations of multiple rate cuts in 2025 supporting the bullish outlook for the non-yielding metal. At the same time, heightened geopolitical tensions and concerns over trade conflicts continue to boost safe-haven demand. Additionally, the US Dollar’s weakness near multi-month lows lends further support to gold prices. On the technical front, crucial support zones around $2,956 and $2,930–2,928 are in focus, while a clear break above the psychological $3,000 level could trigger a fresh bullish rally. Gold price remains well-supported near record highs amid Fed rate cut expectations, trade tensions, and geopolitical risks. A weaker US Dollar adds to the bullish momentum, while key technical levels around $2,956 and $2,930–2,928 remain crucial for near-term direction. All eyes now turn to the upcoming FOMC decision for fresh cues. • Gold consolidates near all-time highs, staying just below the $3,000 psychological mark. • Safe-haven demand rises amid escalating trade tensions and geopolitical uncertainties. • Fed rate cut expectations for 2025 continue to support the bullish outlook for XAU/USD. • US Dollar remains weak, hovering near multi-month lows, further boosting gold prices. • China’s economic stimulus lifts market sentiment, capping immediate gains in gold. • Technical support levels at $2,956 and $2,930–2,928 are key zones to watch for any pullback. • The upcoming FOMC meeting is the most awaited event, likely to provide fresh direction for gold. Gold continues to hold its ground near record highs, driven by growing global uncertainties and strong safe-haven demand. Rising trade tensions and geopolitical conflicts, including escalating situations in the Middle East and concerns over global economic stability, have reinforced gold’s appeal as a reliable store of value. Additionally, the market sentiment is being shaped by expectations that the Federal Reserve will begin cutting interest rates multiple times in 2025, as signs of economic slowdown and softer inflation data emerge in the U.S. XAU/USD Daily Price Chart Chart Source: TradingView Adding to the supportive environment for gold, the U.S. Dollar remains under pressure amid these rate cut expectations, making the precious metal more attractive for investors holding other currencies. Meanwhile, China’s recent economic stimulus efforts, including initiatives to boost domestic consumption and support the housing sector, have helped improve market confidence globally. However, gold continues to benefit from its traditional role as a safe haven amid global instability, keeping it in focus for investors seeking long-term security. TECHNICAL ANALYSIS Gold remains in a strong bullish trend, having recently broken above key resistance levels and now consolidating near its all-time highs. The overall market structure suggests continued upward momentum, supported by strong buying interest on any dips. While the Relative Strength Index (RSI) indicates overbought conditions, signaling a possibility of short-term consolidation, the broader chart pattern still favors the bulls. Key support zones around $2,956 and $2,930–2,928 could act as potential entry points for buyers, while a sustained move above the $3,000 psychological mark may open the door for further upside in the coming sessions. FORECAST Gold prices are likely to remain on an upward trajectory if current macroeconomic and geopolitical conditions persist. Expectations of multiple interest rate cuts by the Federal Reserve in 2025, combined with ongoing trade tensions and global uncertainties, could continue to fuel safe-haven demand. A sustained weak US Dollar would further support this bullish outlook, potentially pushing gold beyond the $3,000 psychological mark. If risk sentiment weakens and investors seek safety, gold could attract more inflows, paving the way for new record highs in the coming months. On the flip side, any signs of easing geopolitical tensions or a shift in the Federal Reserve’s tone toward a more hawkish stance could limit gold’s gains or even trigger a pullback. Additionally, stronger-than-expected US economic data or a rebound in the US Dollar may reduce the appeal of the non-yielding metal. If global markets regain stability and risk appetite improves, investors might shift focus away from safe-haven assets like gold, leading to a moderate decline in prices from current elevated levels.

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Commodities Gold

Gold prices surged past $2,900: Trump’s tariffs and global uncertainty fuel safe-haven demand

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  • February 11, 2025
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Gold price (XAU/USD) continues its bullish momentum, breaching the $2,900 mark to hit a fresh all-time high amidst growing safe-haven demand. The surge is driven by US President Donald Trump’s new tariffs on commodities, escalating global trade war concerns, and geopolitical tensions, particularly in the Middle East. Other positives include the prospect of increasing inflation with the pro-protectionist policies of President Trump, thus making gold more attractive as an economic uncertainty hedge. A weak US Dollar bounce and an overbought market have resulted in some intraday profit-taking before Fed Chair Jerome Powell’s congressional testimony. Even though the precious metal experienced some minor pullbacks, the bigger picture is bullish, and strong support is at key technical levels above $2,800, which supports additional upside. KEY LOOKOUTS • Global uncertainty rises with threats of US retaliation and reciprocal tariffs on commodities • Increasing skirmishes, in the Middle East for one, only heighten fears in markets that drive even greater demand for gold as an inflation hedge against volatility • Fed rate policy and future course under inflation concern and a surprising strong labor market. • Despite minor pullbacks, gold’s strong support above $2,800 and bullish trends suggest further upside potential in the coming sessions. Gold’s bullish momentum remains intact as it continues to trade above the $2,900 mark, driven by escalating trade war fears following Trump’s new tariffs and ongoing geopolitical tensions. Investors are turning to the safe-haven metal amid uncertainties surrounding global economic policies and Middle East conflicts. A stronger US Dollar and profit-taking have caused slight pullbacks, but gold’s strong technical support near $2,800 suggests limited downside risks. The market now awaits Fed Chair Jerome Powell’s testimony, which could provide further clarity on the Federal Reserve’s rate stance and influence gold’s next move. Gold price continues to hold strong above $2,900 on the back of Trump’s tariffs and geopolitical tensions, which increase safe-haven demand. Even minor pullbacks are capped by strong support near $2,800. Fed Chair Powell’s testimony may shape gold’s next move. • Gold price surges to a record high as safe-haven demand increases. • New US tariffs on commodities raise the specter of a global trade war, making gold more attractive. • Uncertainties, especially in the Middle East, push investors towards gold as a hedge. • Expectations of inflation because of Trump’s protectionist stance might influence the rate decisions of the Federal Reserve. • A modest recovery in the USD results in some profit-taking in the prices of gold. • Gold is well-supported above $2,800 and is limited in downside risks despite minor corrections. • Investors await Fed Chair Jerome Powell’s comments, which may affect the future course of gold. Gold’s price keeps on its bullish trend, going past the $2,900 mark and reaching a new all-time high as investors seek safety amid rising economic and geopolitical uncertainties. US President Donald Trump’s newly imposed tariffs on commodities, along with his plans for reciprocal duties on other countries, have fueled fears of a global trade war, significantly boosting demand for gold. Furthermore, increased political tensions, especially in the Middle East, have also contributed to gold’s safe-haven status. However, some intraday profit-taking occurred due to a minor US Dollar recovery. Yet, the bullish sentiment remains firm, with technical support levels around $2,800 capping the downside. XAU/USD Daily Chart TradingView Prepared by ELLYANA Looking ahead, market participants are watching the Federal Reserve’s policy stance very closely as Trump’s protectionist policies are likely to drive inflation higher, and this might have an impact on the Fed’s interest rate decisions. A hawkish stance from the central bank would strengthen the US Dollar and cap gold’s gains, while a dovish approach would further support the yellow metal’s rally. Investors are also waiting for Fed Chair Jerome Powell’s congressional testimony, which may give a clue about the Fed’s view on inflation and interest rates. While short-term fluctuations are possible, the broader technical setup suggests that gold is still on an uptrend, and strong demand is likely to keep prices elevated in the near term. TECHNICAL ANALYSIS Gold is still in a strong uptrend, comfortably above the $2,900 level, and with key support around the $2,800 level. Any pullback towards $2,886-$2,882 should attract fresh buying interest, which will reinforce the bullish outlook. A decisive break below this zone may push prices towards the $2,855-$2,852 region, but downside risks are limited because of strong demand. On the flip side, yesterday’s resistance came in near $2,943-$2,950; a next leg higher probably targets the $3,000 mark, but it is reflected in the daily chart – the overbought Relative Strength Index (RSI). The next leg higher might mean some consolidation or short-term correction. Traders will look forward to Fed Chair Jerome Powell’s testimony and the US Dollar’s movement for further directional cues. FORECAST The medium-term bullishness in gold will likely continue for the near term, with price action testing new higher resistance levels. If this buying pressure remains strong, then the next target to the upside would be in the $2,943-$2,950 area, with the psychological $3,000 barrier being a major obstacle before breaking above to start a new rally and take the long-term uptrend much further. Geopolitical tensions, inflation fears, and safe-haven demand will continue to fuel gold prices. The positive view on the yellow metal will continue. But, the price may see some pullbacks because of profit-taking and the US Dollar’s strengthening. If the price falls below $2,900, the initial support is seen around $2,886-$2,882, and the downside risks will extend toward the $2,855-$2,852 zone. Another more aggressive push in correction would push prices closer to the $2,834 level, but that level is expected to attract buyers, thus limiting further declines. Market sentiment will be highly driven by the monetary stance of the Federal Reserve and Jerome Powell’s testimony as any hints of a prolonged rise in higher interest rates would force short-term downward pressure on gold.

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Commodities Gold

Gold Prices Soar to New All-Time Highs as Trade War Jitters, Inflation Loom

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  • February 10, 2025
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Prices of gold (XAU/USD) have maintained their bull run and even reached new all-time highs near the $2,896-$2,897 level as haven demand increases amidst heightened trade war jitters and inflationary pressure. US President Donald Trump declared new 25% tariffs on steel and aluminum imports, in addition to threatened retaliatory measures, which raised uncertainty and have prompted investors to rush to the safe haven. Meanwhile, upbeat US jobs data and persistent inflation worries are expected to keep the Federal Reserve cautious about rate cuts, providing further support to gold prices. Despite modest US Dollar strength and overbought technical conditions, the fundamental backdrop suggests the path of least resistance remains to the upside. Traders now await Fed Chair Jerome Powell’s testimony and key inflation data for further direction. KEY LOOKOUTS • Trump’s new tariffs on steel and aluminum escalate US-China tensions, driving investors toward safe-haven assets like gold amid economic uncertainty. • Rising inflation fears, fueled by protectionist policies, strengthen gold’s appeal as a hedge against price increases despite the Federal Reserve’s cautious stance. • The Fed’s decision on interest rates remains key, as resilient labor market data and inflation trends could impact gold’s bullish momentum. • Gold faces resistance near $2,900, while overbought RSI signals possible consolidation; key support levels to watch are $2,855 and $2,834. Gold prices continue to rally amid escalating trade war fears and inflation concerns, driven by US President Donald Trump’s announcement of new tariffs on steel and aluminum imports. Investors seek refuge in the safe-haven metal as economic uncertainty looms, while inflationary pressures further boost gold’s appeal. Despite the Federal Reserve’s cautious stance, resilient US labor market data and persistent inflation could limit room for further rate cuts, supporting gold’s bullish outlook. However, technical indicators signal overbought conditions, suggesting potential consolidation near the $2,900 resistance level, with key support at $2,855 and $2,834 to watch for potential pullbacks. Gold prices surge to record highs amid escalating trade war fears and inflation concerns, with investors seeking safe-haven assets. While the Federal Reserve’s cautious stance supports gold, overbought technical conditions hint at possible consolidation near the $2,900 resistance level. • XAU/USD reaches a fresh all-time high around the $2,896-$2,897 region amid strong safe-haven demand. • Trump’s new 25% tariffs on steel and aluminum imports escalate US-China tensions, boosting gold’s appeal. • Protectionist policies may reactivate inflation, reinforcing the reasons to hold gold as a hedge against rising prices. • Strong labor market and inflationary worries might prevent the Fed from reducing interest rates, further supporting gold’s bullish outlook. • A slight USD advance might cap the rally in gold, but the fundamental setup is supportive. • Gold is resisted around the $2,900 area, with overbought RSI conditions pointing to consolidation. • Immediate support lies at $2,855 and $2,834, with a further decline targeting the $2,815-$2,800 range. Gold prices continue their upward trajectory, reaching a fresh all-time high around the $2,896-$2,897 region as investors seek refuge in the safe-haven asset amid rising economic uncertainty. US President Donald Trump’s announcement of new 25% tariffs on steel and aluminum imports has intensified fears of a trade war, prompting increased demand for gold. Additionally, concerns over inflationary pressures due to protectionist policies have further strengthened gold’s status as a hedge against rising prices. Meanwhile, the US labor market remains resilient, with a lower-than-expected unemployment rate, which could limit the Federal Reserve’s ability to ease monetary policy. Despite modest US Dollar strength, gold maintains its bullish momentum, signaling strong investor confidence in the metal. XAU/USD Daily Price Chart TradingView Prepared by ELLYANA Gold’s technical outlook remains bullish, but overbought conditions on the daily Relative Strength Index (RSI) suggest a potential short-term consolidation or pullback. The key resistance level stands at $2,900, and a sustained break above this could push prices toward $2,920-$2,930. On the downside, initial support lies at $2,855-$2,854, with stronger buying interest expected around $2,834. If bearish pressure intensifies, the next critical support zone is near $2,815-$2,800. Moving averages indicate continued strength, reinforcing the long-term uptrend, while traders closely watch upcoming economic data and Federal Reserve signals for further price direction. TECHNICAL ANALYSIS Gold (XAU/USD) remains in a strong uptrend, but overbought conditions on the daily Relative Strength Index (RSI) indicate the possibility of short-term consolidation or a minor pullback before further gains. The immediate resistance lies at the psychological $2,900 level, and a sustained breakout above this could push prices toward the $2,920-$2,930 range. On the downside, initial support is seen at $2,855-$2,854, with further key levels at $2,834 and $2,815. If gold breaks below these levels, a deeper retracement toward the $2,800 mark could follow. Moving averages continue to move up, specifically 50-day and 200-day EMAs. Traders would watch the short-term momentum indicators and price action for a breakout confirmation in either direction, given that short-term direction could shift based on upcoming US inflation numbers and signals coming from the Fed. FORECAST The current trend in the gold prices continues to remain uptrended; safe haven, as well as inflation, would continue to sustain the uptrend. The bullish momentum suggests that gold could break above the psychological $2,900 mark, with the next potential target around $2,920-$2,930. If trade tensions between the US and China escalate further or inflation fears intensify, gold may see additional upside, attracting more investors seeking a hedge against economic instability. The Federal Reserve’s stance on interest rates will also play a crucial role in sustaining the bullish momentum. Should the Fed signal a more dovish approach due to persistent economic risks, gold could gain further, testing new record highs in the coming weeks. Despite gold’s strong rally, short-term pullbacks remain a possibility due to overbought technical conditions. The Relative Strength Index (RSI) indicates that gold is approaching an overextended zone, suggesting the potential for a temporary correction. If profit-taking sets in, initial support is expected near the $2,855-$2,854 region, followed by stronger support at $2,834. A deeper retracement could bring the price down to $2,815 or even the $2,800 psychological level, where fresh buying interest

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Commodities Gold

Gold price Struggles near record highs as USD gains, Fed Rate speculations in focus

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  • February 7, 2025
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The gold price XAU/USD has remained at near record levels but failed to make any real momentum as the US Dollar was slightly higher going into the US Nonfarm Payrolls report. Though trade war tensions and a general expectation for a Federal Reserve rate cut should keep the precious metal well supported, caution continues to prevail in bullish traders’ camp. Deteriorating US Treasury yields and persisting economic jitters remain supportive of safe-haven gold. However, the technical indicators provide an overbought reading-a precursor to near-term consolidation before an extended move, after which the key support levels at $2,855 and $2,800 will watch the breach down for further correction. KEY LOOKOUTS • The next NFP report will dictate the market expectations about the Fed’s rate path and, hence, the USD demand and the gold price direction in the near future. • Multiple Fed rate cuts by 2025 are supporting gold, but strong labor market data could alter this scenario. • Increasing geopolitical risks and retaliatory tariffs imposed by China on US goods improve the safe-haven appeal of gold, capping downside risks despite short-term USD strength. • Gold remains near record highs, but RSI signals overbought conditions, with key support at $2,855 and resistance near $2,900 for further momentum. Gold price remains near record highs as investors weigh multiple factors, including the upcoming US Nonfarm Payrolls (NFP) report, Federal Reserve rate cut expectations, and escalating US-China trade tensions. While the weakening US Treasury yields and safe-haven demand support gold, a modest USD uptick ahead of key economic data creates short-term uncertainty. Technical indicators suggest overbought conditions, signaling a potential consolidation before any further uptrend. Key support levels at $2,855 and $2,800 will be crucial in determining the next move, while resistance near $2,900 could challenge bullish momentum in the near term. Gold price lingers around record highs due to Fed rate cut expectations and trade tensions, yet it faces strong resistance from a modest USD uptick. Determinative key levels will be for the next step: $2,855 and $2,900. The technical indicators go even further to suggest short-term consolidation. • Gold refuses to hold its ground off the all-time high for a modest USD uptick. • Market speculations of several Fed rate cuts in 2025 support gold’s bullish view even with positive labor market numbers. • The NFP release will influence USD demand and is likely to push gold in one direction or another. • Growing geopolitical tensions, along with China’s retaliatory tariffs on US goods, will continue to boost gold’s safe-haven status. • Declining bond yields make non-yielding assets, such as gold, more appealing and add more support. • This RSI indication of overbuying could eventually lead to temporary consolidation before entering an extended rise. • Areas of support here are at the levels of $2,855 and $2,800 and resistance is capped near $2,900 for the bulls Gold price in XAU/USD stays almost at all time highs but under pressure due to a slight upside in the USD as investors focus on the NFP from the US. While positive expectations about rate cuts by the Federal Reserve and falling US Treasury yields continue to support the bullish outlook on metal, short-term consolidation seems probable because of technical overbought conditions. Apart from those factors, geopolitical risks, particularly increasing tensions in the US-China trade, continue to fuel safe-haven demand for gold, preventing a more significant downtrend despite some profit-taking. XAU/USD Daily Price Chart TradingView Prepared by ELLYANA The price of gold is trading close to record highs due to the expectations of cuts in the Federal Reserve rate and safe-haven demand amid US-China trade tensions. However, a modest increase in the US Dollar ahead of the Nonfarm Payrolls report has capped the further upside and thus the market sentiment is cautious. The technical indicators are also pointing towards an overbought situation, and a short-term pullback may occur before the next breakout. The important resistance levels are at $2,900 while support at $2,855 and $2,800 will definitely be the make or break situation. Traders are closely observing any significant change in economic data and geopolitical development which will define gold’s price action in the coming days. TECHNICAL ANALYSIS Gold price (XAU/USD) remains in a strong uptrend but faces resistance near the $2,900 level, while key support is seen at $2,855 and $2,800. The Relative Strength Index (RSI) shows that the market is overbought, so the price might enter into short-term consolidation before another breakout. A decisive move above $2,900 will open the way to further growth, while a break below $2,800 will trigger additional selling pressure. Although the moving averages stay aligned in favour of bulls and continue to confirm the overall bullish trend, traders should expect corrections before fresh long positions. FORECAST Gold prices remain in long-term bullish, supported by expected multiple Federal Reserve rate cuts, and declining U.S. Treasury yields. If the NFP data does indicate a weakness in the US labor market, it would bode well for gold, potentially pushing prices beyond the key resistance at $2,900. A sustained move above this would open the path for further rallies towards $2,950 and even $3,000 within the next week or so. Furthermore, growing US-China trade tensions and a general sense of economic uncertainty might keep demand pretty high for the yellow metal since investors are still looking for safety from market volatilities. Despite its strong rally, gold faces short-term downside risks due to overbought technical conditions, with the RSI signaling the possibility of a pullback. If the US Dollar strengthens further or NFP data beats expectations, gold could see a correction toward the $2,855 and $2,800 support levels. A decisive break below $2,800 could trigger additional selling pressure, potentially dragging prices toward $2,750 or lower. However, some fundamentals – such as monetary policy by central banks and political uncertainty – would be unlikely to let gold decline sharply and will keep the gold supported in the long term.

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Currencies EUR/USD

EUR/USD Surges on Waning Trade War Risks and ECB Rate Cut Expectations

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  • February 5, 2025
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EUR/USD is trading above 1.0400 as the US Dollar drops on the back of dwindling fears of a full-blown trade war between the US and China. The investors are of the view that the extent of the trade war will remain restricted, thereby easing the risk premium on the Greenback. Meanwhile, the European Central Bank is expected to continue cutting interest rates, reinforcing market speculation about further policy easing. Even though the Euro underperformed against other major currencies, EUR/USD continues to gain as traders focus on upcoming US economic data, including the ADP Employment Change and ISM Services PMI. Technical indicators are showing cautionary signals; however, important resistance lies at 1.0500, while support stands close to 1.0177, so the pair is in a vulnerable recovery phase. KEY LOOKOUTS • US ADP Employment Change and ISM Services PMI for January would have implications on the Federal Reserve’s future monetary policy decisions. • The European Central Bank is expected to continue reducing interest rates, with traders pricing in three more rate cuts in upcoming policy meetings. • Market sentiment remains cautious as the US and China impose tariffs, though investors believe the trade war will not escalate further globally. • EUR/USD faces key resistance at 1.0500, while major support levels lie at 1.0177 and 1.0100, shaping the pair’s near-term price action. Investors are keeping a close eye on key developments affecting EUR/USD, such as US economic data releases due in the coming days, like the ADP Employment Change and ISM Services PMI, which may help guide the Federal Reserve’s policy course. On the other hand, the European Central Bank continues to cut interest rates, with the market awaiting more cuts given its confidence in inflation returning to target levels. Trade tensions between the US and China remain a problem, but the relatively narrow scope of the situation had pushed fears over a full-scale global trade war to the backburner, diminishing the risk premium on the US Dollar. In technical terms, EUR/USD remains vulnerable to a critical resistance level at 1.0500 and may find support at 1.0177 and 1.0100 to determine the next direction. EUR/USD continues to gain as fears of a trade war ease and ECB rate-cut expectations weigh on the US Dollar. Investors await key US economic data, including the ADP Employment Change and ISM Services PMI, which could influence the Fed’s policy stance. Meanwhile, technical resistance at 1.0500 and support at 1.0177 will shape the pair’s near-term direction. • The pair goes higher as the US Dollar weakens on the back of more alleviated trade war concerns and reduced risk premium. • US ADP Employment Change and ISM Services PMI would be out and could impact the Federal Reserve’s policy outlook. • Interest rate cuts are expected by the European Central Bank and monetary policy easing is already priced in the markets. • Investors believe that the trade war will not spread across the globe and see fears of an economic slowdown. • President Trump lets loose on the EU: Tariffs are in the cards. Adds to EUR’s unclear direction. • The level remains a strong barrier for EUR/USD, and a breach above can be seen as a further sign of bullish strength. • These levels become significant support downwards, and their breach can be used as a sign of renewed bearish pressure on the pair. It is now a fledging currency as EUR/USD surged above 1.0400 after a weak US Dollar amid slight improvements in the trade war concerns and eventually in wait of further interest rate cuts by the European Central Bank (ECB). Investors are keenly awaiting key US economic data, including ADP Employment Change and ISM Services PMI, which may provide direction to future policy decisions by the Federal Reserve. The US Dollar Index (DXY) has declined as market participants assume that the trade war between the US and China will remain limited in scope, reducing the Greenback’s risk premium. However, concerns persist about potential tariff threats from President Trump on the European Union, which could impact the Euro’s stability in the coming weeks. EUR/USD Daily Price Chart TradingView Prepared by ELLYANA On the technical front, EUR/USD faces significant resistance at the 1.0500 level, which, if breached, could signal further bullish momentum. Meanwhile, key support levels at 1.0177 and 1.0100 provide downside protection, with a break below these points potentially leading to renewed bearish pressure. The European Central Bank’s continued monetary easing stance has also weighed on the Euro, as traders anticipate further rate cuts to support economic stability. As investors find their way through these macroeconomic and geopolitical changes, EUR/USD continues to trade in a volatile range, waiting for more directional signals from upcoming economic data and policy decisions. TECHNICAL ANALYSIS EUR/USD is still in a cautious recovery mode, trading just below the 50-day Exponential Moving Average (EMA) at 1.0440, which indicates that the trend is still bearish. The pair is facing strong resistance at the psychological level of 1.0500, and a decisive break above this could trigger further bullish momentum. Meanwhile, the 14-day Relative Strength Index (RSI) oscillates within the neutral 40.00-60.00 range, suggesting a lack of strong directional bias. On the downside, key support levels are observed at 1.0177 and 1.0100, with a break below these levels potentially leading to increased bearish pressure. EUR/USD remains stuck in a trading range as the market fundamentals continue to be analyzed by traders and wait for the right trigger that will take the currency pair on its next major move. FORECAST If EUR/USD breaks above 1.0500, there is still potential for further gains. A continuation of the trend beyond this point could lead to a bullish surge to the psychological resistance at 1.0600. Positive Eurozone economic data in combination with a softer US Dollar, which is being traded down on expectation of the Federal Reserve to cut rates, may continue fueling buying. Moreover, if risk-on sentiments persist and concerns of trade tensions between US and China keep dwindling, investors may prefer the Euro, hence continuing to

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Commodities Silver

Silver Price Forecast: XAG/USD Jumps to Three-Month Highs as Risk-Off Sentiment Increases, Global Trade Uncertainties Rise, Hits $32.38

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  • February 5, 2025
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Silver prices have increased to a three-month high of $32.38. Increasing risk-off sentiment due to global trade and economic uncertainties has been the cause of this surge. In the recent past, with China introducing fresh tariffs on US imports, the tensions between the US and China have raised the demand for the safe-haven assets, including Silver. Silver is also being catalysed further by the US Dollar technical pullback. In addition to major central banks, including the ECB, BoC, and PBoC, turning dovish, the threat of US Federal Reserve rate cuts will continue to make Silver an appealing asset. The market now awaits US Nonfarm Payrolls (NFP), which might dictate the Federal Reserve’s next move in terms of monetary policy and the future of Silver. KEY LOOKOUTS • Ongoing fresh tariffs from China over US imports further fuel market uncertainty, increasing demand for safe-haven Silver as concerns grow over global economics. • Technical pullbacks in the US Dollar, DXY, are a positive facilitator for Silver due to a weaker USD making the metal more desirable among investors. • Dovish monetary policies by major central banks, including a potential rate cut by the Fed, work to increase appeal for Silver as the non-yielding safe-haven asset. • The upcoming NFP report will be crucial in shaping the Fed’s interest rate decisions, potentially influencing Silver’s price direction. Silver prices continue to gain momentum as global economic uncertainties and trade tensions between the US and China drive demand for safe-haven assets. The weakening US Dollar, experiencing a technical pullback, has further supported Silver’s bullish trend, making it more attractive for investors. The dovish policies of major central banks, including the expected rate cuts from the Federal Reserve, have further increased the appeal of Silver as a non-yielding asset. Market participants now look forward to the US Nonfarm Payrolls (NFP) data, which may significantly influence the policy direction of the Federal Reserve and may further affect the price trajectory of Silver in the coming sessions. Silver prices are growing as the rest of the global trade tensions strengthen and a US Dollar weakening strengthens demand for a safe haven, while dovish central bank policies further increase attractiveness to Silver; investors await an upcoming US Nonfarm Payrolls data to seek direction. • XAG/USD hits $32.38 because of safe haven demand rising among global economic fears. • China takes new tariffs for US imports by imposing new fees, fueling risk-off risk and strengthening prices for Silver. • A technical pullback in the US Dollar (DXY) makes Silver more attractive to investors. • Rate cuts and easing policies from major central banks, including the Fed, ECB, and BoC, make Silver more attractive. • Markets expect at least two Fed rate cuts this year, which may push non-yielding assets like Silver higher. • The jobs report next week may affect Fed policy decisions and Silver’s price trend. • Investors continue to seek safe-haven assets such as Silver amid ongoing geopolitical and economic risks worldwide. Silver prices have moved to a three-month high of $32.38, influenced by growing global trade uncertainties and a risk-off market sentiment. The ongoing US-China trade tensions, with China imposing fresh tariffs on US imports, have increased demand for safe-haven assets like Silver. At present, the current technical pullback of the US Dollar has created more room to push Silver even higher. And with the recent dovish tones from the Fed, ECB, and other main central banks on interest rates cuts, the asset is gaining support as a no-yielding haven. XAG/USD Daily Price Chart TradingView Prepared by ELLYANA Market participants have been keenly observing the soon-to-be-reported US Nonfarm Payrolls that may be critically influential in affecting the Federal Reserve’s future policy on monetary money. A rather weak jobs report would make more probable Fed’s rate cuts further driving Silver upward, and, conversely, a strong jobs report could help limit the ascent. Widespread global growth concerns such as trade disruption, slowing down further, are enhancing demand for silver as a means of hedging against uncertainty. As investors balance these factors, Silver is well positioned for additional volatility in the coming sessions. TECHNICAL ANALYSIS Silver (XAG/USD) remains highly bullish, trading near its three-month high at $32.38. Here, major technical indicators indicate more upside to be seen in this metal, as it has already broken above the resistance of $32.00 and transformed the same into a key support area. The Relative Strength Index is still in the bullish zone but is approaching overbought levels, so a short-term consolidation may be expected before another leg higher. The 50-day and 200-day moving averages are in a sustained uptrend, as the price remains well above both. If Silver continues its uptrend, then $32.80 and $33.50 are the next resistance levels to watch, while a downside correction may find support at $31.80 and $31.50. Traders will be keeping a close eye on market sentiment and economic data for confirmation of the ongoing bullish trend. FORECAST Silver’s bullish momentum is strong as it trades near its three-month high of $32.38, with multiple factors supporting further gains. The weakening US Dollar, along with expectations of Federal Reserve rate cuts, is boosting investor interest in non-yielding assets like Silver. Besides geopolitical tensions- the US-China trade war, in particular and slow-down in world economies also promote safe haven. If silver sustains at this level and breaches above $32.00 then next on cards are the marks of $32.80 and $33.50. This might pull price up and surpass resistance toward a psychological $34.00 in case of affirmation of a dovish US Federal Reserve’s monetary policy posture within the forthcoming months. Silver’s strong uptrend may face the risk of taking profits and technical corrections. With the Relative Strength Index (RSI) closing in on the overbought territory, the pullback cannot be ruled out. If it fails to sustain above the support level of $32.00, it might face downward pressure with key supports at $31.80 and $31.50. A more robust US Nonfarm Payrolls (NFP) report or hawkish communications from the Federal Reserve

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Commodities Gold

Gold hits record high on fears of US-China trade war and Fed rate cut speculations

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  • February 5, 2025
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Gold has reached a fresh all-time high of $2,862 on fears of an intensifying US-China trade war and growing expectations of further cuts in the Federal Reserve’s interest rates. Safe-haven demand continues to remain strong as investors react to China’s retaliatory tariffs against the US and signs of a weakening US labor market. This would further push down the US dollar, further propelling gold upwards, although President Trump’s delay in imposing tariffs on Canada and Mexico does take a bit off the edge from risk. With the breakout above $2,800 despite technical conditions that show overbought, traders still have plenty of room for a higher run-up. Today will be more on US economic releases such as ADP employment and ISM Services PMI while Friday’s NFP report is highly anticipated. KEY LOOKOUTS • Gold reached a high of $2,862 from US-China trade war fears and Federal Reserve rate cut expectations, solidifying high safe haven demand. • Potential Fed rate cuts and weaker US labor market data kept the USD under pressure, resulting in further bullish momentum for XAU/USD. • Uncertainty persisted following China’s retaliatory tariffs on US imports; otherwise, gold prices would have collapsed in the face of Trump’s temporary tariff relief for Canada and Mexico. • Investors will look at US ADP employment data, ISM Services PMI, and Friday’s Nonfarm Payrolls report for the immediate direction of the gold price. Gold has reached a record $2,862 as investors take shelter from increasing US-China trade war tensions and expectations of more Federal Reserve rate cuts. The softening US labor market, as marked by the decline in job openings, has continued to ignite rumors for further monetary relief, pressing down on the US currency and pushing up demand for the non-yielding yellow metal. While risk aversion remained slightly subdued after President Donald Trump delayed tariffs on Canada and Mexico, China’s retaliatory tariffs kept uncertainty elevated in the market. Traders now await key economic reports, including the US ADP employment data and ISM Services PMI, with Friday’s Nonfarm Payrolls report expected to influence gold’s short-term trajectory. Despite the overbought RSI signaling caution, technical support near $2,830 and $2,800 suggests potential buying opportunities, reinforcing the metal’s bullish momentum. Gold prices surged to a record high of $2,862 amid US-China trade war fears and Fed rate cut expectations. Weak US labor market data pressured the USD, boosting gold’s safe-haven appeal. Traders now await key economic reports, with technical support near $2,830 and $2,800 signaling potential buying opportunities. • Gold price hit an all-time peak of $2,862 amid escalating US-China trade war concerns and safe-haven demand. • The USD has come under pressure as the Fed has reduced its expectations on the fed rate cut, coupled with the slowdown in the US labor market. • China’s imposition of tariffs on imports from the US intensified trade tensions, which bolstered demand for gold as an investment against uncertainty. • A brief reprieve of US tariffs on Canada and Mexico eased risk concerns but failed to dent gold’s strong bullish sentiment. • Investors are keeping an eye on the US ADP employment report, ISM Services PMI, and Friday’s Nonfarm Payrolls for market-moving signals. • Overbought RSI calls for caution, but strong support near $2,830 and $2,800 indicates continued buying interest in gold. • The breakout above $2,800 confirms the upward trend of gold, and investors are looking for further gains amid ongoing economic uncertainties. Gold prices have touched fresh all-time highs at $2,862 as investors run to safety amid growing US-China trade war fears and expectations of further Federal Reserve rate cuts. Chinese retaliatory tariffs on US imports have recently heightened their concerns over economic instability in the global economy and are pushing up demand for this yellow metal as a safe haven. Moreover, softer US labor market indicators, such as the job openings, have created an expectation that the Fed might maintain its dovish stance with monetary policy easing. This, in turn, has exerted downward pressure on the US dollar, and therefore gold has further strengthened its bullish trend. Though Trump has offered some relief by temporarily suspending tariffs on Canada and Mexico, this hasn’t dented the appeal of gold in a risk-averse scenario. XAU/USD Daily Price Chart TradingView Prepared by ELLYANA Traders are now closely watching upcoming economic data, including the US ADP employment report and ISM Services PMI, for short-term market direction. However, the focus remains on Friday’s Nonfarm Payrolls (NFP) report, which could influence the Fed’s rate decision and, consequently, gold prices. From a technical perspective, the overbought RSI signals a potential pullback, but strong support near $2,830 and $2,800 suggests buying interest remains intact. The recent break above the $2,800 level further enhances the bullish direction, as traders expect more rise in the coming days due to uncertainty in world markets. TECHNICAL ANALYSIS Gold is now in a firm uptrend as it has taken out the main resistance level at $2,800. As such, its bullish trend remains intact. Meanwhile, the Relative Strength Index is overbought on both the daily and the hourly charts. There is strong support seen close to the areas of $2,830 and $2,800 that could work as a buying zone in case prices fall back. A strong move above $2,862 could open doors for further upsides toward $2,900 whereas breaks below $2,800 might trigger deeper retracement toward the $2,772 support zone. Traders must monitor price action at these important levels and soon-to-be released economic data to confirm the continuation of the trend. FORECAST The robust bullish momentum that gold has must be taken advantage of, given the persistence of geopolitical tensions and economic uncertainty. The US-China trade war rages on while expectations of a further cut by the Federal Reserve in interest rates continue to bolster the yellow metal’s safe-haven appeal. If gold manages to stay above that important $2,800 key support level, then the possibility of breaking through to a level around $2,900 increases. Further upside can also come in due to the softness in the labor market,

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