⭐️Fundamental Analysis
Gold prices maintained a positive trend in early European trading on Thursday and remained near the all-time high reached on February 24. The chaotic implementation of US President Donald Trump's trade tariffs and their impact on the global economy continued to drive safe-haven flows into bullion for the third consecutive day.
Meanwhile, fears of a US recession, coupled with signs of a cooling labour market and falling inflation, will allow the Federal Reserve (Fed) to resume its rate-cutting cycle sooner than expected. This, in turn, kept the US dollar (USD) near its lowest level since October 16 touched on Friday and turned out to be another factor supporting non-yielding gold prices.
⭐️Technical Analysis
Gold is correcting to the immediate support zone of 2930 if the support zone is broken 2922 is the next support point before gold price moves to 2910. The resistance zone of 2950 is considered as a barrier before reaching ATH and the daily sell plan is noticed around 2970
Gold prices maintained a positive trend in early European trading on Thursday and remained near the all-time high reached on February 24. The chaotic implementation of US President Donald Trump's trade tariffs and their impact on the global economy continued to drive safe-haven flows into bullion for the third consecutive day.
Meanwhile, fears of a US recession, coupled with signs of a cooling labour market and falling inflation, will allow the Federal Reserve (Fed) to resume its rate-cutting cycle sooner than expected. This, in turn, kept the US dollar (USD) near its lowest level since October 16 touched on Friday and turned out to be another factor supporting non-yielding gold prices.
⭐️Technical Analysis
Gold is correcting to the immediate support zone of 2930 if the support zone is broken 2922 is the next support point before gold price moves to 2910. The resistance zone of 2950 is considered as a barrier before reaching ATH and the daily sell plan is noticed around 2970
Trade active
Gold price sits near the all-time high; $3,000 in sight
Gold consolidates its record high rally, remaining near $3,000 early Friday. Rising trade tensions underpin the safe-haven bullion. Fed rate-cut expectations also render Gold positive but buyers turn cautious amid a renewed uptick in the US Dollar and the US Treasury bond yields.
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JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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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.