As tariff uncertainty pushed money into safe havens, cooling US inflation kept market expectations of a Fed rate cut intact and optimism over a ceasefire between Russia and Ukraine cooled, 
XAUUSD surged and broke out of its recent sideways consolidation trading range.
XAUUSD surged past the $2,942/oz target on safe-haven demand. Weaker US CPI data also supported expectations of a Federal Reserve rate cut, pushing gold higher.
The US consumer price index (CPI) rose 2.8% year-on-year in February, slightly below the 2.9% expected and down from January's 3.0%. The year-on-year increase in the core CPI, which excludes volatile food and energy prices, eased to 3.1% from January's 3.3%.
Recent news of a ceasefire between Russia and Ukraine also cooled earlier optimism.
British news agency Reuters reported on Wednesday that Russian officials were skeptical about the U.S. proposal for a 30-day ceasefire in Ukraine. Kremlin spokesman Dmitry Peskov said on Wednesday that the Kremlin was still waiting for the United States to announce its proposal for a ceasefire in Ukraine. The Kremlin needs to hear the results of the U.S.-Ukraine talks before commenting on whether Russia can accept the ceasefire.
Commenting on a ceasefire proposal that has been accepted by both U.S. and Ukrainian officials, an influential Russian lawmaker insisted on Wednesday that any deal must be reached on Russian terms, not U.S.
A senior Russian source said President Vladimir Putin would be unlikely to agree to a ceasefire proposal without finalizing the terms and receiving some guarantees.
Ukraine accepted a US proposal for a 30-day ceasefire with Russia on Tuesday in exchange for the Trump administration resuming suspended military aid and intelligence sharing. The deal was announced by US and Ukrainian officials after eight hours of talks in Saudi Arabia on Tuesday.
Trump said US officials would meet with their Russian counterparts on Wednesday and he could meet with Russian President Vladimir Putin this week.
The World Gold Council (WGC) revealed that central banks continued to buy gold. The People's Bank of China and the National Bank of Poland added 10 tonnes and 29 tonnes of gold, respectively, in the first two months of 2025.
Traders will next keep a close eye on the release of the US producer price index (PPI) for February, initial jobless claims and the University of Michigan consumer sentiment data.
XAUUSD technical outlook analysis
On the daily chart, as of the time of writing, gold has achieved all the bullish targets noted by readers in the weekly publication, along with all the conditions for the possibility of a price increase when there is no more resistance ahead other than the all-time high.
The short-term price channel is noted as the trend at the moment, along with the Relative Strength Index RSI maintaining above 50, surpassing 61, showing that the bullish momentum dominates the market and there is still a lot of room for price increase ahead because it is still quite far from reaching the overbought area.
The most notable supports now are the $2,929 level in the short term, followed by the EMA21 area.
Overall, the uptrend is dominating on the daily chart, with notable price levels listed below.
Support: $2,929 – $2,915
Resistance: $2,956
SELL XAUUSD PRICE 2761 - 2974⚡️
↠↠ Stoploss 2980
→Take Profit 1 2968
↨
→Take Profit 2 2962
BUY XAUUSD PRICE 2904 - 2906⚡️
↠↠ Stoploss 2900
→Take Profit 1 2912
↨
→Take Profit 2 2918
XAUUSD surged and broke out of its recent sideways consolidation trading range.XAUUSD surged past the $2,942/oz target on safe-haven demand. Weaker US CPI data also supported expectations of a Federal Reserve rate cut, pushing gold higher. The US consumer price index (CPI) rose 2.8% year-on-year in February, slightly below the 2.9% expected and down from January's 3.0%. The year-on-year increase in the core CPI, which excludes volatile food and energy prices, eased to 3.1% from January's 3.3%.
Recent news of a ceasefire between Russia and Ukraine also cooled earlier optimism.
British news agency Reuters reported on Wednesday that Russian officials were skeptical about the U.S. proposal for a 30-day ceasefire in Ukraine. Kremlin spokesman Dmitry Peskov said on Wednesday that the Kremlin was still waiting for the United States to announce its proposal for a ceasefire in Ukraine. The Kremlin needs to hear the results of the U.S.-Ukraine talks before commenting on whether Russia can accept the ceasefire.
Commenting on a ceasefire proposal that has been accepted by both U.S. and Ukrainian officials, an influential Russian lawmaker insisted on Wednesday that any deal must be reached on Russian terms, not U.S.
A senior Russian source said President Vladimir Putin would be unlikely to agree to a ceasefire proposal without finalizing the terms and receiving some guarantees.
Ukraine accepted a US proposal for a 30-day ceasefire with Russia on Tuesday in exchange for the Trump administration resuming suspended military aid and intelligence sharing. The deal was announced by US and Ukrainian officials after eight hours of talks in Saudi Arabia on Tuesday.
Trump said US officials would meet with their Russian counterparts on Wednesday and he could meet with Russian President Vladimir Putin this week.
The World Gold Council (WGC) revealed that central banks continued to buy gold. The People's Bank of China and the National Bank of Poland added 10 tonnes and 29 tonnes of gold, respectively, in the first two months of 2025.
Traders will next keep a close eye on the release of the US producer price index (PPI) for February, initial jobless claims and the University of Michigan consumer sentiment data.
XAUUSD technical outlook analysisOn the daily chart, as of the time of writing, gold has achieved all the bullish targets noted by readers in the weekly publication, along with all the conditions for the possibility of a price increase when there is no more resistance ahead other than the all-time high.
The short-term price channel is noted as the trend at the moment, along with the Relative Strength Index RSI maintaining above 50, surpassing 61, showing that the bullish momentum dominates the market and there is still a lot of room for price increase ahead because it is still quite far from reaching the overbought area.
The most notable supports now are the $2,929 level in the short term, followed by the EMA21 area.
Overall, the uptrend is dominating on the daily chart, with notable price levels listed below.
Support: $2,929 – $2,915
Resistance: $2,956
SELL XAUUSD PRICE 2761 - 2974⚡️
↠↠ Stoploss 2980
→Take Profit 1 2968
↨
→Take Profit 2 2962
BUY XAUUSD PRICE 2904 - 2906⚡️
↠↠ Stoploss 2900
→Take Profit 1 2912
↨
→Take Profit 2 2918
Trade active
Plan SELL +35pips close a part move SL to entry.🔥Note
Note
⚫Last week, gold prices hit a record $3,004.82 an ounce due to safe-haven demand from Trump's trade war and geopolitical tensions.Note
⚫The market is waiting for the Fed's move, as the possibility of a rate cut could continue to push gold prices higher.
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🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.