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Gold Price Remains Steady Near $3,370 Due to Trade Jitters and Fed Uncertainty

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  • July 21, 2025
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Gold prices remain trading on a positive note near the $3,370 level due to safe-haven buying in the wake of increasing global trade tensions and uncertainty about the Federal Reserve’s interest rate trajectory. Investor anxiety regarding US President Donald Trump’s aggressive tariff policy, along with a modest pullback in the US Dollar, has reaffirmed the attractiveness of non-yielding assets such as gold. Yet, uncertainty regarding a lack of clear economic data and fear of a potential Fed pause in reducing rates has left traders cautious, with gold remaining in a temporary range. A breakout over $3,366 would indicate additional gains, while support is seen around $3,322. KEY LOOKOUTS • Look for a break above the $3,365–$3,366 resistance zone to affirm a bullish breakout to $3,400 and beyond. • Prime support is around $3,325–$3,322, with further downside dangers in case the price falls below $3,283. • Clashing signals on the Fed’s rate-cutting horizon—particularly during July–September—will continue to be a pivotal driver of USD and gold price action. • Increased trade tension, particularly in the wake of Trump’s threatened tariffs on large economies, can persist in fuel and sustained safe-haven demand for gold. The prices of gold are staying firm at the $3,370 level, underpinned by both safe-haven demand and a softening US Dollar amidst general trade uncertainty and mixed Federal Reserve rate-cut messages. Investors closely watch President Trump’s intensifying tariff threats, which are raising market anxiety and increasing the allure of gold. Meanwhile, the Fed’s conservative approach—between inflation fears and economic concerns—remains a nervous reckoning for traders, which caps strong bullish positioning. With little in the way of significant US data releases to start the week, market players are waiting for the breakout from the prevailing trading range to validate the next direction. Gold fluctuates at $3,370 as uncertainty regarding trade tensions and Fed rate cuts fuels safe-haven demand. A break above $3,366 might spur new gains, while support lies at $3,322. • Gold price is placed with a bullish bias near the level of $3,370 amidst persistent trade tensions. • Safe-haven demand is fostered by uncertainty regarding Trump’s planned tariffs on large economies. • The US Dollar continues to weaken due to conflicting Fed rate-cut expectations. • Markets think the Fed might push back rate cuts until September even after dovish rhetoric. • Technical resistance is around $3,365–$3,366; a breakout might see $3,400 and $3,434. • Support lies at $3,325 and $3,283 with further losses possible below $3,247. • Absence of significant US economic data leaves eyes on global PMIs and trade news. Gold prices remain supported by global economic and political uncertainty, led by U.S. trade policy. Market participants are still wary as President Donald Trump’s suggested tariffs on several major economies—including a possible 15% to 20% tax on the European Union—spook investors about inflation and supply chain interruptions. These events have further strengthened gold’s safe-haven status as investors increasingly turn to the precious metal in a backdrop of increasing geopolitical tension and economic uncertainty. XAU/USD DAILY PRICE CHART SOURCE: TradingView Aside from this, the US Dollar began the week on a weak note, under pressure as there were conflicting views from Federal Reserve officials on when to cut interest rates. While there are some Fed members favoring a reduction in rates as soon as July, others are urging that the cut be done by September, confusing the market. With inflation fears growing because of increased import costs, the Fed’s next step is far from clear, again spurring investor demand for gold as insurance against possible policy errors and economic turmoil. TECHNICAL ANALYSIS Gold is at the higher end of a well-established short-term range, with resistance at the $3,365–$3,366 area. A decisive and persistent breakout higher here can serve as a catalyst for bulls’ momentum, taking prices up towards the psychological level of $3,400 and subsequent major resistance around $3,434–$3,435. At the lower end, near-term support lies at $3,325–$3,322, with a further decline below $3,283 potentially risk-justifying a more significant correction to the $3,248–$3,247 area, tilting near-term sentiment towards bears. FORECAST If gold is able to push past the $3,366 resistance level with significant buying volume, it would represent the beginning of a new bullish leg. The immediate next target would be the psychological $3,400 level, then the $3,434–$3,435 resistance area. This move would most likely be driven by continued weakness in the USD, dovish Fed rhetoric, or additional geopolitical risks, specifically those involving international trade policies. Strong and steady gains might draw in technical buying and propel gold towards new multi-week highs. Conversely, a failure to break above the current resistance may lead to a pullback towards the $3,325–$3,322 support area. A break below this level could see more downside towards $3,283, and in the event of intensified selling pressures, prices could fall towards the June low of around $3,247. A stronger US Dollar, hawkish Fed news, or the relaxation of global tensions may cap safe-haven demand and spell a bearish change in gold’s near-term outlook.

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Commodities Gold

Gold Price Stays Firm as Safe-Haven Demand Grows with Trade Tensions and Dollar Pullback

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  • July 16, 2025
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Gold price stays firm at the $3,340 level as fresh safe-haven demand is building up on increasing trade tensions and a declining risk tone in the global markets. Downbeat equity sentiment fueled by fears over US President Donald Trump’s aggressive tariff strategy and ongoing inflationary pressures is fostering the attractiveness of the non-yielding yellow metal. At the same time, a small retracement in the US Dollar from recent highs is also supportive, although anticipation of sustained higher interest rates by the Federal Reserve might temper meaningful upside. While markets wait for decisive US Producer Price Index data as well as additional comments from the Fed, gold traders are cautiously optimistic. KEY LOOKOUTS • US Producer Price Index data, when released, will likely shape inflation expectations and Fed rate projections, having a direct bearing on gold prices. • Comments from FOMC members, particularly regarding the timing of rate cuts as well as inflation risks, will be closely monitored for any monetary policy guidance. • Persistent trade tensions, such as Trump’s threatened pharmaceutical and copper tariffs, sustain safe-haven demand for gold. • Gold is confronted with instant resistance at $3,342–$3,343 and has to break above this level to challenge higher levels of $3,365 and even the $3,400 level. Gold price remains steady around the $3,340 level as safe-haven interest comes back to the metal with increasing global uncertainties and a modest pullback in the US Dollar. Market mood remains risk-averse due to US President Donald Trump’s aggressive tariff declarations, which have caused concerns for possible inflation hikes and economic repercussions. In the meantime, hopes for the Federal Reserve to maintain higher interest rates for a more extended period of time remain a headwind for the precious metal. With the next US Producer Price Index figures and additional Fed statements looming in the background, investors are exercising caution, balancing geopolitical threats against monetary policy cues. Gold price stabilizes at $3,340 as safe-haven demand is resurgent due to trade tensions and a less positive risk tone. A declining US Dollar provides support, but Fed rate hike prospects could contain further gains. Traders now look for US PPI data and Fed commentary for new direction. • Gold price stabilizes at $3,340, underpinned by safe-haven buying in the face of global risk aversion. • Trade tensions rise as Trump promises new tariffs, fueling inflation and economic hardship concerns. • US Dollar pulls back from multi-week highs, providing modest aid to gold. • Fed likely to hold rates higher for longer, capping meaningful upside for non-yielding metal. • US CPI increased 0.3% in June, spurring concerns over surging inflation from trade policies. • Focus shifts to US PPI and future Fed speeches for leads on monetary policy direction. • Technical resistance at $3,342–$3,343, stronger resistance around $3,365 and $3,400. Gold maintains investor attraction as a safe-haven asset in a heightened global economic uncertainty environment. Recent remarks by US President Donald Trump about imposing sharp tariffs on drug and copper imports fueled renewed fears of inflation triggered by trade and dampened economic growth. The concerns have prompted a wary market sentiment, with stocks under pressure and demand increasing for historically safe-haven assets such as gold. Investors grow nncreasingly worried about the long-term effects these trade policies might have, particularly when inflationary pressures begin to build up. XAU/USD DAILY PRICE CHART SOURCE: TradingView Meanwhile, the US Federal Reserve continues to hold firm on keeping higher interest rates in place to bring inflation under control. Comments from Fed officials such as Susan Collins and Lorie Logan indicate that excessive easing could damage the economy’s momentum for the near future. The combination of ongoing inflation concerns, hawkish monetary policy expectations, and international trade tensions has provided a backdrop under which gold is a strategic hedge. As investors track closely the release of economic data and central bank speeches, gold continues to be an important gauge of market sentiment and risk aversion. TECHNICAL ANALYSIS Gold price is displaying resilience just below $3,340, trading around the 100-period Simple Moving Average (SMA) on the 4-hour chart. Although the metal has halted its pullback from a three-week peak, momentum indicators such as the RSI and MACD remain even-keel, providing no clear indication of a reversal being bullish. A persistent move over the near-term resistance at $3,342–$3,343 can bring out the way to the $3,365–$3,366 region, with additional buying forcing the price nearer to the psychological $3,400 level. On the flip side, any dip below $3,320 may initiate new selling pressure, opening up support at $3,300 and $3,282. FORECAST Should gold be able to maintain the pressure over the $3,342–$3,343 resistance level, it could set the stage for a retest of the $3,365–$3,366 barrier in the near future. A firm break over this point would tend to draw further bullish attention, driving prices toward the psychologically significant $3,400 figure. Ongoing safe-haven buying interest, a correction in the US Dollar, or dovish statements from Federal Reserve representatives could further encourage this rallying action. Conversely, a failure to remain above the $3,320 support may spark a more pronounced corrective fall. In that case, gold could slide towards the critical $3,300 support region, and a breakdown below this level may expose the $3,283–$3,282 level, which was a recent one-week low. A firmer US Dollar, hawkish Fed, or de-escalation of geopolitical tensions could sour the mood and hasten the downside journey to the July swing low near the $3,248–$3,247 range.

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Commodities Gold

Gold Price Stands Firm with Trade Uncertainty and Divided Fed Cues

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  • July 10, 2025
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Gold prices maintain a firm bias for the second day running on the back of safe-haven demand due to rising trade tensions and a weakened US Dollar. Even as risk aversion is heightened by uncertainty about President Trump’s recent tariff policies, divided cues from the Federal Reserve on further rate cuts leave investors hesitant. The release of the FOMC minutes showed limited immediate support for a rate cut, capping gold’s upside despite falling US bond yields. As markets await US jobless claims data and further comments from Fed officials, gold remains range-bound near the $3,320 mark, with key resistance and support levels in focus. KEY LOOKOUTS • A key short-term trigger that could influence Fed rate cut expectations and Gold’s direction. • Any dovish or hawkish language would affect market sentiment surrounding interest rates and the USD. • Ongoing USD weakness and falling Treasury yields might be bullish for gold prices. • Reactions to Trump’s fresh tariffs and any retaliation will be a primary driver of safe-haven flows. Gold prices are holding up near $3,320 as investors grapple with a blend of global trade tensions and ambiguous Fed policy indications. President Trump’s most recent tariff announcements, such as a 50% tariff on copper imports, have further fueled market anxiety, pushing safe-haven flows into gold. The Fed’s meeting minutes meanwhile showed the policymakers were divided in their stance on rate cuts this month, although most policymakers continue to foresee easing later this year. This volatility, complemented by declining US bond yields and a weaker US Dollar, still provides underlying support to the non-yielding metal despite upside being capped by better risk sentiment in the equities. Gold prices are supported by increasing trade tensions and a weakening US Dollar, trading firmly around $3,320. Yet, dovish Fed signals and firmer equities are capping further gains. US jobless claims and Fed commentary are now awaited for direction. • Gold trades at $3,320 with a small intraday gain for the second consecutive day. • Trade tensions rise following Trump’s announcement of new tariffs and warning of no exemptions or extensions. • Mixed opinions about rate cuts in FOMC minutes, with minimal near-term support but anticipation of easing towards year-end. • US Dollar again weakens for the second straight day, supporting Gold’s safe-haven status. • US bond yields fall, following the strong 10-year Treasury auction, underpinning non-yielding assets such as Gold. • Technical resistance at $3,335 and $3,360; breaking through could take Gold up to the $3,400 level. •  Key data ahead includes US Weekly Jobless Claims and Fed speeches, which could drive short-term market direction. Gold continues under the spotlight as international financial markets respond to heightened trade tensions and shifting monetary policy expectations. The latest action from US President Donald Trump to introduce new tariffs on various trading partners, including a hefty 50% tariff on copper imports, has created uncertainty among investors. This geopolitical tension has rekindled demand for classic safe-haven assets such as gold, with market players seeking stability in the face of growing policy uncertainty and the possibility of retaliation from impacted countries. XAU/USD DAILY PRICE CHART SOURCE: TradingView Concurrently, the Federal Reserve’s most recent meeting minutes reflect intramural discord, as some policymakers are not keen to reduce interest rates in the near future. Nonetheless, there is a general agreement that rate reductions might be necessary later in the year if inflation remains benign and trade tensions suppress economic growth. These themes, together with a deteriorating US Dollar and risk-averse sentiment, continue to provide a bullish environment for gold in the larger market context. TECHNICAL ANALYSIS Gold remains at the $3,320 level with a marginal bullish bias. Initial resistance is at the 100-period Simple Moving Average (SMA) on the 4-hour chart around $3,335, followed by a stronger zone of supply between $3,358 and $3,360. A forceful breakout above this area might initiate more bullish pressure, perhaps driving prices towards the $3,400 psychological mark. To the downside, a break below the support at $3,300 might reveal the $3,283–3,282 area, with additional losses risking a descent towards the monthly low at $3,248–3,247. Generally, traders need to look out for a definitive breakout or breakdown from these decisive technical levels for affirmation of the next move. FORECAST If geopolitical tension continues to spike and the US Dollar stays pressured, gold prices may witness fresh buying interest. A breakout above the $3,335 resistance level would set the stage for a move towards the $3,358–3,360 supply zone. Sizing through this barrier may initiate a short-covering rally, which has the potential to drive prices towards the $3,400 psychological level in the near future, provided that forward US economic data or Fed rhetoric aids the rate-cutting case. On the other hand, if the US is not able to negotiate trade deals by the August 1 tariff deadline, worldwide trade tensions could rise aggressively, boosting the safe-haven US Dollar. Also, if near-term UK economic releases are disappointing or worry over rising national debt and geopolitical tensions picks up pace, the GBP could be underpinned. A breakdown below the 1.3500 psychological support level may result in additional declines towards the next major point at 1.3400.

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Commodities Gold

Gold Falls Below $3,370 as US Airstrikes on Iran Increase Geopolitical Uncertainty and Inflation Concern

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  • June 23, 2025
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Gold prices slipped on Monday even as geopolitical risk rose after coordinated US airstrikes on Iran’s nuclear sites. The military attack, code-named “Operation Midnight Hammer,” hit major targets and evoked strong world reactions, including Iranian warnings to block the Strait of Hormuz, a vital world oil transit route. While geopolitical volatility usually supports safe-haven assets such as Gold, prices continue to be capped below the $3,400 level due to strengthening US Dollar and investor prudence in the face of key monetary policy testimony by Federal Reserve Chair Jerome Powell. KEY LOOKOUTS • Iran’s possible decision to close the critical oil chokepoint can destabilize global energy supply and increase risks to inflation. • Markets look to Fed Chair Jerome Powell’s congressional testimony for hints regarding future interest rate policy in the face of inflation fears. • XAU/USD refuses to overcome the $3,400 psychological level despite increased geopolitical tensions. • Any Iranian retaliatory measures or escalation of conflict in the region might further increase safe-haven demand for Gold. Gold prices are in a tight range beneath $3,370 as geopolitical tensions rise after the US military attacks on Iran’s nuclear complex. Although in the generally favorable setup for safe-havens, the precious metal can’t make headway owing to the stronger US Dollar and market risk aversion ahead of major economic events. Iran’s warning to shut the Strait of Hormuz has contributed to inflationary pressures by driving Oil prices up, potentially making global monetary policy choices more difficult. Traders are watching events in the Middle East closely and Jerome Powell’s upcoming testimony before Congress for additional market guidance. Gold is holding below $3,370 even amid escalating geopolitical tensions following US attacks on Iran. Investor attention now turns to the Strait of Hormuz closure threat and Fed Chair Powell’s next policy testimony. • Gold is trading lower below $3,370 as tensions between US and Iran escalate following US coordinated airstrikes on Iranian nuclear facilities. • Operation Midnight Hammer involved major facilities in Fordow, Natanz, and Isfahan and received global condemnation and threats of retaliatory strikes. • Iran threatens to shut the Strait of Hormuz, a key oil supply channel, with energy disruption and inflation concerns. • Oil prices recover, backing safe-haven buying but not sufficiently to propel Gold beyond the $3,400 barrier. • US Dollar strengthens, limiting Gold’s rally even amidst geopolitical tensions and risk aversion. •  Investors watch for cues on future interest rate policy from Fed Chair Jerome Powell’s testimony as inflation risks escalate. • Gold’s major technical levels are resistance at $3,400 and support at $3,342, with a possible downside to $3,245 in case support is broken. Middle East tensions escalated at the weekend after the United States mounted a coordinated attack on Iran’s nuclear facilities, raising global concerns about regional stability and energy security. The operation, which was confirmed by President Trump and code-named “Operation Midnight Hammer,” was aimed at key Iranian nuclear facilities, provoking withering criticism from world powers and raising the threat of retaliation from Iran. Iran’s parliament has voted to shut down the Strait of Hormuz—a critical shipping route for almost 20% of the world’s oil supply—ratcheting up the possibility of a wider geopolitical and economic crisis. XAU/USD DAILY PRICE CHART SOURCE: TradingView Global markets are on tenterhooks as diplomatic fallout grows, with responses coming from the United Nations, China, and regional players. Though Iran has termed the strikes a sovereignty breach, its response is unclear, and investors closely follow the events. The heightened geopolitical tension has surged demand for safe-haven assets such as Gold, and inflation threats increase with the potential supply disruption in oil. Global policymakers, meanwhile face the mounting pressure to control inflation, now entwined with geopolitical tensions in the emerging situation. TECHNICAL ANALYSIS Gold XAU/USD is stuck below the strong psychological and structural barrier of $3,400. Until now, immediate support comes at $3,342, which also represents the 23.6% Fibonacci retracement of the February to April run. A break below this level can expose more downside to $3,321 (50-day SMA) and $3,245 (38.2% Fibonacci). A breakout above $3,400 on the upside can initiate fresh bullish momentum, aiming for the June high of $3,452 and even the all-time high around $3,500. Momentum indicators imply a neutral-to-caveat position as markets wait for clearer guidance. FORECAST If geopolitical tensions keep on rising—especially if Iran proceeds with its threat to shut down the Strait of Hormuz—Gold may witness fresh buying pressure as investors pour into safe-haven assets. A spike in Oil prices because of supply shocks could also fuel inflationary concerns, and this may keep central banks from cutting rates, boosting Gold’s popularity. At such a time, a move above the $3,400 level of resistance would pave the way for an advance to the June high of $3,452 and even test the record high at about $3,500. On the flip side, if tensions start to ease through diplomatic means or Iran holds back on retaliatory moves, market anxieties could ease, cutting down on the need for safe-haven assets such as Gold. A stronger US Dollar, fueled by hawkish Fed rhetoric or positive economic data, may also pressure Gold prices. In such a scenario, a fall below the $3,342 level of support could see prices head lower towards $3,321 and even $3,245, depending on whether inflation worries ebb and rate-cut speculation gains ground.

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Commodities Gold

Gold Price Resilient Amid Middle East Unrest and Fed Rate Cut Expectations; Rises Above $3,400

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  • June 13, 2025
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Gold prices are hanging in there, trading above the $3,400 level as heightened geopolitical tensions in the Middle East and Federal Reserve rate cut expectations drive safe-haven demand. Israel’s pre-emptive attack on Iran’s nuclear complex has increased concerns about a wider conflict in the region, leading investors to look for refuge in gold. At the same time, subdued U.S. inflation readings underpins the probability of another round of Fed easing in 2025, complementing gold’s positive bias. Nevertheless, a U.S. Dollar rebound censors further gains, capping the metal’s upside for now. Market participants still keep a close eye on global events, and technical indicators are still pointing towards a positive short-term picture for gold prices. KEY LOOKOUTS • Increased geopolitical tensions after Israel’s airstrikes on Iran can continue to fuel safe-haven demand for gold. • Deteriorating inflation data makes Federal Reserve rate cuts in 2025 more likely, adding further support for gold prices. • The recent U.S. Dollar rebound may limit gold’s upside strength, so currency fluctuations become a key watch item. • The principal support is at $3,400, and a move above the $3,500 level may indicate a new bullish trend towards new historic highs. Prices of gold are well-backed following the heightening Middle East tensions and anticipation of Federal Reserve rate cuts that drive demand for safe-haven assets among investors. Israel’s attacks on Iran’s nuclear facilities last week have increased concerns about an escalating broader regional war, which has led to a global risk-off sentiment expressed through sagging equity markets. Simultaneously, softer U.S. inflation data strengthens the case for monetary easing in 2025, which further supports non-yielding gold. However, the metal’s gains are somewhat limited by a recovering U.S. Dollar, which rebounded from multi-year lows. Overall, gold continues to trade above the $3,400 level, with technical indicators suggesting a bullish bias in the near term. Gold prices remain strong at above $3,400 as tensions in the Middle East rise and expectations of Fed rate cuts increase. Rebounding U.S. Dollar, however, restricts further upside. Investors remain fearful as geopolitical tensions and economic statistics influence market sentiment. • Gold remains at $3,400, slightly pulling back from a near two-month high on sustained geopolitical tensions. • Israel’s missile strikes against Iran’s nuclear sites fuel Middle East conflict, fueling safe-haven demand for gold. • Iran threatens sharp retaliation, feeding fears of a broader regional war that would further raise gold prices. • US inflation data is still sluggish, fueling anticipation for Federal Reserve rate cuts in 2025. • US Dollar reverses at multi-year lows, limiting upside for gold even with robust safe-haven flows. • Market technicals are still positive, with gold moving in an inclined channel and targeting a potential advance towards $3,500. • Support levels to watch are around $3,400 and $3,385, while a breakout above $3,500 can initiate new bullish momentum. Gold prices are well-sustained as increasing geopolitical tensions continue to fuel safe-haven buying. The Middle East crisis worsened dramatically following Israel’s pre-emptive bombing of Iran’s nuclear installations, heightening concerns of an extended regional war. Iran promised tough retaliation, increasing world uncertainty and encouraging investors to flee to the safety of such assets as gold. The war has already set off large-scale risk aversion, evident in global equity market drops, as worries increase over the prospects of a wider, longer war. XAU/USD DAILY PRICE CHART CHART SOURCE: TradingView Economic conditions, besides geopolitical, are also adding to the attraction of gold. Recent inflation figures for the U.S. have displayed a moderate rise, supporting market sentiment that the Federal Reserve will start reducing interest rates in 2025. Reduced borrowing costs tend to favor non-yielding assets such as gold, making them more attractive to investors. While this, meanwhile, still poses another source of uncertainty in the world’s economic prospects, supporting safe-haven inflows into gold. TECHNICAL ANALYSIS Gold is still within a clean upward-sloping channel, which confirms a strong short-term bull trend. The price still holds above the $3,400 level, with daily chart oscillators still in bullish positions, which attests to the optimistic outlook. A sustained break through the psychological $3,500 level, which coincides with the top of the rising channel, would serve as a new catalyst for additional bull pressure. On the other hand, any potential pullbacks are likely to be supported around $3,400, while a breach below $3,385 would target the next support area around $3,355-$3,330. FORECAST If Middle Eastern geopolitical tensions continue to rise and the Federal Reserve remains dovish, gold prices could be well-supported in the short term. Further breaks above the $3,500 psychological level could be a catalyst for additional gains, with the potential to drive the price to new all-time highs. Ongoing safe-haven flows, along with decelerating inflation and weakening economic data, would tend to spur additional bullish momentum for gold. On the negative side, if diplomacy lowers tensions in the Middle East or if better-than-expected US economic data lowers the odds for Fed interest rate cuts, gold may come under selling pressure. A sustained break below the $3,400 support level may trigger a more substantial correction, with the next significant support at $3,385. More losses could test the $3,355 to $3,330 area, potentially tilting the short-term picture in favor of bearish traders.

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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’s Historic Leap Above $3,000: Market Responses, Geopolitical Uncertainty, and Prospects Ahead

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  • March 15, 2025
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Gold prices leapt above the historic $3,000 level to an all-time high of $3,004 per ounce before retreating to $2,982 due to US Dollar fluctuations and uncertainty regarding President Donald Trump’s trade agenda. The price rally was propelled by geopolitical uncertainties, such as the weakening Russia-Ukraine ceasefire and China’s ongoing gold buildup, which drove demand for the safe-haven metal. At the same time, fears of US recession intensified in the wake of soft consumer sentiment readings, fueling speculation about further easing of Federal Reserve policy in 2025. Despite the retreat, technical analysts foresee another attempt to drive prices higher to test resistance levels with support at $2,950 and resistance at $3,050 and $3,100 being key. KEY LOOKOUTS • Having briefly breached $3,000, gold bounces off $3,050 while support at $2,950 is still the key to knowing what will happen next. • Russia-Ukraine ceasefire uncertainty and China’s continuing gold purchases would potentially affect bullion demand and price movements. • Subdued consumer confidence and increasing recession worries boost hopes for Federal Reserve rate reductions, affecting the long-term outlook of gold. • Trump’s tariffs on steel and aluminum can stoke inflation fears, impacting the US Dollar and pushing gold prices up as a safe-haven. Gold’s recent rally above $3,000 underscores the increasing influence of geopolitical tensions, economic uncertainty, and changing monetary policies on the demand for the precious metal. The Russia-Ukraine ceasefire is still tenuous, while China’s ongoing gold hoarding underpins bullish sentiment. At the same time, US recession concerns have grown amid weak consumer sentiment numbers, increasing expectations of possible Federal Reserve rate reductions in 2025. Also, President Trump’s steel and aluminum tariffs have fueled inflationary fears, diminishing the US Dollar and further supporting gold as a safe-haven asset. While traders closely follow future economic data and Fed moves, gold’s capacity to hold onto its all-time highs will hinge on changing market dynamics. Gold’s historical rally above $3,000 is a response to increasing geopolitical risks, economic uncertainty, and inflation threats. Negative US consumer sentiment and expectations of Fed rate cuts drive bullish pressures, while Trump’s tariffs impose stress on the US Dollar, enhancing gold’s safe-haven appeal. • Gold momentarily peaked at a new all-time high of $3,004 per ounce before receding to $2,982 due to market volatility. • Failing Russia-Ukraine truce and persistent China gold buildup stimulate safe-haven demand for bullion. • Dovish consumer sentiment information heightens prospects of economic slow-down, sparking Federal Reserve interest rate reduction anticipations for 2025. • New import tariffs on aluminum and steel set off inflation concern, drenching the US Dollar while perpetuating bull-run in gold. • Soft Greenback spurs gold prices upward, though Treasuries market yield shifts as well as expected inflation provide variability. • Gold is resisted at $3,050 and $3,100, with very strong support at $2,950, followed by $2,900 and $2,850. • Investors look forward to next week’s Federal Reserve policy meeting for additional hints at interest rates and economic forecasts. Gold’s recent record of breaching $3,000 an ounce underscores growing global demand for safe-haven assets in light of increasing geopolitical and economic uncertainty. The ongoing Russia-Ukraine conflict, despite ceasefire efforts, remains a major factor influencing investor sentiment. Meanwhile, China’s central bank continues to expand its gold reserves, signaling strong institutional demand. The combination of these geopolitical risks and global market instability has further reinforced gold’s position as a preferred store of value. Furthermore, trade tensions, specifically US President Donald Trump’s tariffs on steel and aluminum, have stoked inflation fears, rendering gold a sought-after hedge against economic uncertainty. XAU/USD Daily Price Chart Chart Source: TradingView Apart from geopolitics and trade policies, the US economy is also at the center of influencing gold’s demand. A sudden drop in consumer confidence, fueled by fears of economic slowdown, has increased speculation that the Federal Reserve could relax monetary policy in 2025. The potential for lower interest rates and a weakening US Dollar enhances gold’s attractiveness as an alternative asset. Investors are eagerly awaiting future economic releases, such as retail sales and housing market reports, for additional clues regarding the health of the US economy. While uncertainty lingers, gold continues to be the focal point of investor attention, mirroring general anxiety regarding inflation, economic stability, and worldwide financial trends. TECHNICAL ANALYSIS Gold’s technical picture indicates a phase of consolidation following a brief move above the $3,000 mark. The metal encountered resistance around $3,004 before retreating, signaling profit-taking and a temporary respite in bullish pressure. The important support is around $2,950, which if broken, can send prices lower to $2,900 and $2,850. On the other side, a consistent rally above $3,000 can put the fence open for another test of $3,050 and maybe $3,100. Traders are in wait-and-see mode regarding the Federal Reserve’s monetary policy decision, with expectations of interest rates influencing gold’s next move. FORECAST Gold’s upswing is in place as geopolitics, rising inflation expectations, and possible Federal Reserve rate reductions underpin prices higher. Gold can trigger yet another push upward to the next resistance levels at $3,050 and $3,100 if it stays above $3,000. Ongoing central bank purchases, especially from China, and weakening US Dollar may underpin additional support for the rally. Moreover, any increase in geopolitical tensions or dovishness from the Fed can fuel safe-haven demand, supporting gold’s long-term uptrend. Gold has good fundamentals but is exposed to downside risks if profit-taking becomes more aggressive or the US Dollar rallies unexpectedly. A fall below the critical support level of $2,950 can trigger a deeper correction towards $2,900 and $2,850. If economic reports, including retail sales or housing data, beat expectations, they may decrease the chances of aggressive Fed rate cuts, capping gold’s gains. Additionally, if inflation continues to be contained and risk appetite grows, investors will turn their attention to other assets or equities and temporarily put pressure on gold prices.

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Commodities Gold

Gold Glimmers As Dollar Loses Strength: XAU/USD Breaks Over $2,910 Amid Global Market Nervousness

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  • March 11, 2025
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Gold prices rose to an incredible high on Tuesday, pushing up over the vital $2,900 level to test levels at around $2,910 on the back of a weakening US Dollar. A new injection into the Euro in response to the news of an imminent German defense spending agreement unleashed a domino effect, sliding the US Dollar Index and enhancing demand for the safe-haven metal. Simultaneously, global market mood is still susceptible to the escalating tariff tensions between Canada and China. With investors looking to the next Federal Reserve meeting on March 19 and the CME FedWatch Tool indicating a high chance of unchanged rates, Gold remains supported, both technically and fundamentally, as it wipes out early-week losses and gains bullish traction. KEY LOOKOUTS • Gold is trading above $2,910; a break above R1 may drive prices towards $2,933, in line with last week’s highs. • A softer US Dollar, prompted by Euro strength, continues to underpin Gold’s rally, maintaining bullish momentum in the short term. • Markets expect no rate change on March 19, but increasing rate-cut expectations for May may further shape Gold’s price action. • Persistent global tariff tensions and recession concerns add to Gold’s safe-haven allure, keeping investors wary yet hopeful of further gains. Gold are still closely correlated with wider macroeconomic and geopolitical events. The recent breakout over $2,910 emphasizes its potential for higher prices, with sights set on the next level of resistance at $2,933, coinciding with last week’s highs. A declining US Dollar, driven by a strengthening Euro off the back of Germany’s defense spending news, continues to drive bullish momentum in Gold. Further, investors are following the Federal Reserve’s policy meeting on March 19, at which no rate adjustment is anticipated, but the chances of a rate reduction in May are increasing. On the other hand, global trade tensions and fears of recession are boosting Gold as a safe-haven asset. Gold’s increase over $2,910 indicates strong bullish sentiment, with support coming from a depreciating US Dollar and geopolitics. Traders now focus on the March 19 Federal Reserve meeting, while global trade tensions further augment Gold’s safe-haven demand. • Gold prices recover strongly, rising above the $2,910 level and wiping out early-week losses. • Weaker US Dollar propels Gold, fueled by Euro strength following Germany’s defense spending deal headlines. • Technical breakout opportunity arises as Gold approaches resistance at $2,933, last week’s high. • Safe-haven demand increases as global trade tensions escalate and concerns of a possible economic slowdown grow. • CME FedWatch Tool indicates a 95% probability of no rate hike on March 19, but a 47.8% probability of a cut in May. • Support zone remains firm at $2,880–$2,873, keeping Gold technically supported for the time being. • Thai Baht gains from Gold rally, reflecting Thailand’s status as a regional Gold-trading hub amid currency market shifts. Gold remains in the limelight as economic and political changes around the world shape market sentiment. One major driver of Gold’s popularity is the weakening US Dollar, which was under pressure after reports of a possible defense budget agreement in Germany. This move supported the Euro and, in turn, pushed demand for the precious metal higher indirectly. With increasing uncertainties, Gold remains a trusted safe-haven asset, providing investors with a buffer against volatility in conventional markets. XAU/USD Daily Price Chart Chart Source: TradingView Meanwhile, geopolitical tensions are also a dominant theme influencing market sentiment. The growing trade tensions between Canada and China, as well as the fear of wider tariff wars, is spurring caution in global markets. Investors are also monitoring the upcoming Federal Reserve meeting closely, as interest rate announcements can have implications for the overall economic direction. In such a setting, Gold remains steadfast as a safe haven of value, drawing in those looking for stability in the midst of the tempest. TECHNICAL ANALYSIS Gold has regained bullish momentum after taking back the crucial $2,900 level and moving towards $2,910. The metal has also crossed above the daily Pivot Point at $2,895, indicating strength in intraday trading. If purchasing interest remains, the following resistance level to be aware of is around $2,933, which matches last week’s highs. In contrast, support is seen to be strong at $2,880, which has remained in place in recent sessions. If it breaks here, it can potentially open doors towards further support around $2,873 and $2,857, presenting important zones to be watched out for by traders in the short term. FORECAST Gold may continue to rise in the following sessions. Its clear break above the $2,910 level may set the stage towards the next significant resistance near $2,933, which is also last week’s high. Breaking through this zone might reinforce buying confidence and drive Gold towards fresh short-term highs, provided the US Dollar continues to weaken and global tensions persist. Also, increasing hopes of a potential rate cut in the near future could further help Gold’s bullish outlook. Gold could see selling pressure. A fall below the support of $2,880 would lead to a move towards $2,873, and then a more significant correction towards about $2,857. These are crucial checkpoints for the traders, as a break below these levels could indicate a change in short-term momentum. Further, if the geopolitical tensions are alleviated or the Federal Reserve adopts a more hawkish approach in the next meeting, it might cap Gold’s upside and raise downside risks.

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Commodities Gold

Gold Market Remains Steady Despite Tariff Easing, Fed Rate Cut Speculations

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  • March 7, 2025
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Gold maintains its consolidation phase, retaining its weekly gains as market forces adjust due to easing tariff tensions and Federal Reserve rate cut speculations. The Trump administration’s move to exempt Mexican and Canadian imports from new tariffs derailed briefly the bullion rally, as traders now target the forthcoming Nonfarm Payrolls report. Fed official Christopher Waller foreshadowed possible rate reductions later this year, in accordance with market forecast. In addition, tensions continue between the U.S. and China, while Bitcoin’s weakness after a reserve announcement contributes to market uncertainty. With gold lingering around $2,917, important technical benchmarks reflect a cautionary but upbeat attitude, with traders weighing macroeconomic signals in anticipation of the next major development. KEY LOOKOUTS • Fed official Christopher Waller hinted at two or three rate cuts this year, with June being a potential turning point for monetary policy. • Traders closely watch Friday’s U.S. jobs data, as a strong report could delay rate cuts, impacting gold’s demand as a safe-haven asset. • The Trump administration’s exemption of Mexico and Canada from new tariffs influenced market sentiment, and future trade policy changes could impact gold prices. • Gold fluctuates around $2,917, while support lies at $2,928 and resistance at $2,900; breaking these points may initiate immense price action. Gold traders are on tenterhooks as prime macroeconomic and geopolitical events influence investor sentiment. The possibility of rate cuts by the Federal Reserve, indicated by Christopher Waller, continues to propel bullion, with June being a turning point. Investors keenly await the U.S. Nonfarm Payrolls report, which might impact Fed policy and affect the safe-haven demand for gold. The Trump administration’s announcement of exempting Mexico and Canada from new tariffs temporarily halted the rally in gold, but other trade policy changes may spark renewed volatility. Gold technically trades at $2,917, with resistance at $2,928 and solid support at $2,900, and these levels will be vital to short-term price action. Gold consolidates near $2,917 as traders eye key market drivers, including potential Fed rate cuts and the upcoming U.S. Nonfarm Payrolls report. The Trump administration’s tariff exemption for Mexico and Canada briefly stalled bullion’s rally. • Gold remains steady near $2,917, consolidating gains for the third consecutive day amid shifting market dynamics. • Fed member Christopher Waller hints at two or three rate reductions in 2024, and June as a critical decision time. • Friday’s U.S. jobs data are awaited by traders, which may impact Fed policy and the safe-haven demand for gold. • The Trump administration’s move to exempt Mexico and Canada from new tariffs temporarily halted the rally in gold. • Bitcoin fell below $90,000 following President Trump’s strategic Bitcoin reserve plan which failed to impress investors. • Australia shipped a record $2.9 billion in gold to the U.S. in January due to concerns about possible tariffs. • Gold’s key support lies at $2,900, and resistance levels at $2,928 and $2,945 will chart its next direction. Gold continues to consolidate while market players are weighing global economic events and policy changes. The Federal Reserve’s position on whether there will be rate cuts remains an important determinant, with Christopher Waller predicting two or three cuts this year. This coincides with the expectations of markets, particularly in light of the continued focus on inflationary pressure and labor markets. The U.S. Nonfarm Payrolls release on Friday is also seen to shed some light on the economy’s robustness, something that could feed into future decisions on monetary policy. XAU/USD Daily Price Chart Chart Source: TradingView At the same time, geopolitical and trade events also influence market sentiment. The Trump administration’s move to exempt Mexico and Canada from fresh tariffs temporarily dented investor sentiment, while US-China tensions remain a source of uncertainty. Recent record-high gold exports from Australia to the U.S. show the sustained demand for the metal in the wake of global trade tensions. Moreover, the surprise decline of Bitcoin after news of a strategic reserve highlights the volatility of the wider financial markets, potentially with an indirect impact on investor sentiment towards safe-haven assets such as gold. TECHNICAL ANALYSIS Gold continues to be in a state of consolidation, with the main technical levels dictating short-term price direction. Trading at around $2,917 currently, the metal finds immediate resistance at $2,928, with further up potential towards $2,945 as long as bullish pressure gains momentum. On the negative side, the psychological support of $2,900 continues to be important, serving as a buffer against falls. A fall below this level might open further downside to $2,874, where more buying interest could come in. Though the overall trend is still supportive based on hopes for future rate cuts, gold might need a new catalyst to move out of its present range and try to reach its all-time high of $2,956. FORECAST The bullish momentum in gold could gain strength if the Federal Reserve indicates more aggressive rate cuts in future meetings. A dovish bias, combined with economic uncertainty, might propel demand for the precious metal as a safe-haven. If gold is able to break above the $2,928 resistance level, it might set the stage for a move towards $2,945. A subsequent rally might challenge the all-time high of $2,956, particularly if geopolitical tensions or inflation worries return, making investors more interested in bullion. On the other hand, if future economic statistics, led by the U.S. Nonfarm Payrolls release, paint a robust picture of the jobs market, that could temper hope of early cuts, putting bearish pressure on gold. Breaking below the psychological $2,900 support would possibly set further declines in motion, with the next significant level of support found at $2,874. A firmer U.S. dollar or higher bond yields may also keep gold prices down, and that could trigger a possible retest of lower prices if positive momentum is lost.

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Commodities Gold

Gold Prices Rise as Safe-Haven Demand Grows and Trade War Fears Bite: Key Drivers Behind XAU/USD Trends

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  • March 5, 2025
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Prices of gold keep rising as demand for safe haven increases in the wake of rising trade tensions and geopolitical tensions. US tariffs on Mexican, Canadian, and Chinese imports have taken a toll on markets, leading investors to turn to the precious metal as a safe haven. The US also suspended military aid to Ukraine, further boosting gold’s attractiveness. But there are challenges to non-yielding assets such as gold by higher US Treasury yields and a stronger US Dollar. Market players await further guidance from key US economic indicators such as the ISM Services PMI and ADP Employment Change. Technically, gold is still in an uptrend channel, maintaining above important psychological support at $2,900, with scope for more on the upside towards its all-time peak of $2,956. KEY LOOKOUTS • Raising US tariffs against Mexico, Canada, and China add to market volatility, fueling safe-haven buying and underpinning gold prices amid economic uncertainty. • Increasing US Treasury yields are exerting bear pressure on non-yielding assets such as gold, possibly capping further gains despite firm safe-haven demand. • The US suspension of military aid to Ukraine stokes geopolitical tensions, making gold more attractive as investors seek refuge from global uncertainty. • Future US ISM Services PMI and ADP Employment Change reports will hold key to gauging economic growth, potentially impacting gold’s short-term price action. Prices of gold continue to be at the center as investors try to navigate a contradictory blend of trade tensions, growing US Treasury yields, and geopolitics. Implementation of US tariffs on Mexican, Canadian, and Chinese imports has increased market uncertainty, fueling safe-haven demand for gold. In the meantime, the US government’s move to suspend military assistance to Ukraine has added to geopolitical tensions, contributing to gold’s bullishness. Yet increasing Treasury yields are a threat to non-yielding assets such as gold, and this may limit gains. Traders now look forward to some major US economic data releases, including the ISM Services PMI and ADP Employment Change, which may further guide XAU/USD in the near term. Gold prices jump as growing trade tensions and geopolitical uncertainties trigger safe-haven demand. Increasing US Treasury yields, however, pose a hurdle to further growth. Market guidance comes from forthcoming key US economic data. • Gold prices jump as investors search for refuge due to increasing trade tensions and geopolitical risks. • Fresh US tariffs on Mexico, Canada, and China spur market volatility, contributing to gold’s rising momentum. • US suspension of military aid to Ukraine contributes to worldwide uncertainty, making gold more attractive. • Higher yields squeeze non-yielding assets such as gold, constraining further price appreciation. • A stronger US Dollar suppresses gold, producing mixed market sentiment. • Market participants monitor the ISM Services PMI and ADP Employment Change reports closely for information about economic growth. • Gold maintains major support at $2,900, with the resistance at its all-time high of $2,956. Gold prices continue to gain steam as investors move towards safe-haven assets following rising global uncertainties. The latest imposition of US tariffs on Mexico, Canada, and China has increased market uncertainty, and with it, there are fears of a possible trade war. This has led investors to find safe haven in gold, which is conventionally considered a hedge against economic and geopolitical uncertainty. Furthermore, the US government’s move to suspend military assistance to Ukraine has further added to global tensions, supporting gold’s demand as a safe-haven asset during uncertainty. XAU/USD Daily Price Chart Chart Source: TradingView Aside from trade and geopolitical issues, market participants are also paying close attention to important US economic indicators. Indices like the ISM Services PMI and ADP Employment Change are likely to offer insights into the resilience of the US economy, impacting investor attitudes. Although worries about weakening economic growth continue, the effect of tariffs on international trade and consumer expenditure is a significant area of concern. Against this backdrop, gold remains in the limelight as a safe-haven asset, a sign of investors’ conservative approach to an increasingly complex financial environment. TECHNICAL ANALYSIS Gold price (XAU/USD) is still in an uptrend channel, signaling a long-term bullish trend. The metal is still trading above the important psychological support level of $2,900, which coincides with the nine-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) remains above 50, supporting bullish momentum. Should the price hold above this level, it might target primary resistance at $2,956, its all-time high. But a breakdown below immediate support can soften short-term momentum, potentially resulting in a pullback to lower trendline support. In general, technical indicators indicate that the bullish bias is still intact unless a serious breakdown happens. FORECAST Gold prices should continue to enjoy a bullish picture in the near term as demand for safe haven continues to rule investor sentiment. The rising tensions in trade, especially the US tariffs on Mexico, Canada, and China, may further push gold’s attraction. Moreover, geopolitical risks such as the US suspending aid to Ukraine are contributing to risk globally, for which gold seems to be the attractive asset. If economic concerns continue to deepen and market fears intensify, gold may receive an upward push towards its all-time high of $2,956. Solid buying interest at critical support levels and continuous momentum above the $2,900 level might consolidate the bullish trend. To the downside, increasing US Treasury yields and a strengthening US Dollar might press on gold prices, capping further advances. Increased bond yields raise the cost of holding non-yielding assets such as gold, which can lead to profit-taking. Also, if the next US economic releases, including the ISM Services PMI and ADP Employment Change, show the economy is resilient, gold may come under pressure. A break below the $2,900 psychological support level can lead to further losses, with the next significant support at $2,850. But until investor sentiment takes a dramatic turn, any bearish movement could still be capped.

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