Gold slightly edged down after U.S. President Donald Trump clarified that not all of his proposed tariffs would be implemented on April 2, boosting overall risk sentiment in the market. This was coupled with a cautious tone from a Federal Reserve official regarding the possibility of interest rate cuts this year, adding further weight to gold’s current price action.
From a technical perspective, gold has recently bounced from the key support zone around the $2,998 – $3,014 level. This area held well and acted as a springboard for price to revisit the upper resistance area near $3,035 – $3,053, which also marks the previous all-time high.
At the moment, gold is trading in a critical zone. If buyers manage to push the price above the $3,035 level, the next logical target would be a retest of the $3,053 high. A successful breakout above this level could trigger momentum toward $3,080. However, if the resistance holds firm and we see rejection from this zone, a short-term pullback toward the $3,014 support could occur before bulls attempt another push to the upside.
Bullish target: 3035, 3053, 3080
Bearish target: 3014, 2998, 2982
From a technical perspective, gold has recently bounced from the key support zone around the $2,998 – $3,014 level. This area held well and acted as a springboard for price to revisit the upper resistance area near $3,035 – $3,053, which also marks the previous all-time high.
At the moment, gold is trading in a critical zone. If buyers manage to push the price above the $3,035 level, the next logical target would be a retest of the $3,053 high. A successful breakout above this level could trigger momentum toward $3,080. However, if the resistance holds firm and we see rejection from this zone, a short-term pullback toward the $3,014 support could occur before bulls attempt another push to the upside.
Bullish target: 3035, 3053, 3080
Bearish target: 3014, 2998, 2982
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The market is waiting—you can make money, and you should.
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.
Profit isn’t about luck, it’s about strategy. Get free signals and trade smarter: Telegram Channel [t.me/ArinaMarketAnalysis].
The market is waiting—you can make money, and you should.
The market is waiting—you can make money, and you should.
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.