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MENAFN- Daily Forex)
- A new record bullish trading week for spot gold prices, which rose to the $3057 per ounce resistance level, the highest in gold price history.
- It was natural for the gold price index to experience profit-taking selloffs at the end of the trading week, with losses extending to the $3000 level before closing the week's trading stable around the $3022 per ounce level.
- Obviously, gold prices remain in a sharp upward trajectory.
- According to gold trading companies' platforms, gold prices rose by 0.7% last week, supported by ongoing geopolitical tensions and expectations of US Federal Reserve interest rate cuts.
As a traditional safe haven, gold has recorded 16 record highs this year, reaching a record peak of $3,057.21 per ounce last Thursday Gold Prices Rise in the Coming Days?
Gold price forecasts among bullion industry experts and gold retailers, with fewer members on both sides expecting gold prices to rise in the coming days. Some gold experts said, "I am neutral on gold for next week. It seems it wants to continue consolidating its recent break above $3,000 until the end of the month. Gold activity may increase in early April as the US seeks to take a more serious stance on tariffs."
According to some experts, "A pause in gold's continued rise will be natural, even healthy. We believe it will be shallow and short-lived. The market seems concerned that the Federal Reserve is in no hurry to cut US interest rates, but that is not what is driving gold higher; there is no change in the fundamental factors affecting the price of gold."
Another gold expert said, "I expect the price of gold to test below $3,000 at least once before stabilizing. This week is expected to be the first test. In the long term, there is no doubt about my view." In the short term, I expect a rebound.
In general, most gold experts' forecasts point to an upward trend as long as prices remain above the all-time high of $3,000 per ounce.
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I still recommend buying gold at every downward trend, but without risk and by monitoring the factors affecting the gold market's Tariffs Continue to Support the Gold Market
Recently, according to gold market experts, gold bullion prices increased due to pessimistic expectations that the US administration will impose tariffs that will harm the future of the global economic recovery. Trump threatened to impose a comprehensive 25% tariff on imports from Canada and Mexico on April 2, in addition to the 25% tariffs he has already imposed on aluminium and steel imports, along with a 20% tax on imports from China.
As a result, fears that the tariffs will impact corporate earnings have pushed stocks lower. The S&P 500 index fell 5.8% over the past month, while the Nasdaq Composite index fell 5.8%. 9.4% during that period, prompting investors to seek a safe haven in gold trading. In this regard, Saxo Bank noted that "while the correction is long overdue, traders and investors continue to seek safe havens amid fears of slowing growth and rising inflation linked to tariffs."
EURUSD Chart by TradingViewGold Price Technical Analysis and Expectations Today:
According to daily chart trading, the general trend for gold prices, according to gold analysts' forecasts today, remains upward, and stability around and above the historic psychological resistance of $3000 per ounce confirms the strength of bulls' control over the gold trend and at the same time signals new technical buy orders that may push prices strongly higher. Currently, the closest resistance levels for gold prices are $3038, $3045, and $3070 per ounce, respectively.
As we mentioned before, gold investors will not care about the technical indicators moving towards strong overbought levels following gold's successive record gains, as much as they will care about the continued gains in gold, which stimulates gold buying from every downward level. Meanwhile, the gains in the gold bullion market are represented by the increase in global geopolitical tensions and the increase in global central banks' purchases of gold bullion as a hedge. Also, the easing of global central banks' policies and the renewed fears of a US economic recession, in addition to the concern that gold bullion will be among those exposed to US tariffs.
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