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MENAFN- Daily Forex)
- Spot gold prices saw a recent pullback, falling to as low as $3,002 per ounce before stabilizing around $3,012 at the start of Tuesday's session.
- Despite this decline, the overall trend remains bullish as long as prices hold above the key psychological support level of $3,000.
Will Gold Prices Rise in the Coming Days?
Based on recent performance and today's gold analysts' forecasts, the gold bullion market remains supported by safe-haven demand amid economic and geopolitical uncertainty, in addition to expectations of an interest rate cut by the US Federal Reserve. On another front affecting the market, President Donald Trump is scheduled to impose new reciprocal tariffs on April 2, although he has hinted at some flexibility in the plan. Further raising market concerns is the escalation of tensions in the Middle East with Israel resuming its airstrikes targeting Hamas in the Gaza Strip.
Meanwhile, US delegates are scheduled to meet with Russian officials later to seek a ceasefire in the Black Sea and a broader peace process in the Ukraine war, following discussions with Ukrainian diplomats on Sunday.
On the monetary policy front, the US Federal Reserve held its key interest rate steady last week but indicated it could cut rates twice this year, bolstering the long-term bullish outlook for gold prices.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money US Dollar Price Attempts to Recover Losses
According to Forex currency market trading, the US Dollar Index (DXY), which measures the performance of the US currency against a basket of other major currencies, stabilized above the 104.30 resistance at the start of this week's trading, as investors await more clarity on US President Donald Trump's trade policies before the April 2 deadline for imposing his reciprocal tariffs.
In this regard, Trump indicated on Friday that there could be "flexibility" in the plan, while weekend reports indicated that US tariffs could be narrower, potentially sparing some industries. According to licensed trading platforms, the US dollar has been under pressure for most of the year, as tariffs are expected to weigh on US economic growth.
However, it has recently rebounded after the Federal Reserve confirmed it was in no hurry to cut US interest rates further, despite indicating two rate cuts later this year. Against major currencies, the dollar stabilized against the euro, the British pound, and the New Zealand dollar, while rising against the yen and the yuan. Conversely, the US dollar declined against the Australian dollar Tips:
The gold price trend remains upward, and the gold trading strategy of buying at every dip remains the strongest. Moreover, without risk and while monitoring the factors affecting the gold market to seize the best trading opportunities Treasury Yields Rise as Tariffs Approach
According to recent financial market trading, the US 10-year Treasury yield rose to around 4.28%, as investors await more clarity on President Donald Trump's trade policies before the April 2 deadline for imposing reciprocal tariffs. Recently, Trump hinted at potential flexibility in his plan, while weekend reports suggested that tariffs might be narrower in scope, with the possibility of exempting some sectors. In general, Treasury yields have faced pressure this year, with growing concerns that tariffs could slow US economic growth. Meanwhile, the Federal Reserve signalled two rate cuts in 2025 but reiterated that it is in no hurry to ease its monetary policy further.
Trading Note: Gold price trajectory rises again on pessimistic Fed forecasts. According to trading, spot gold prices rose to their all-time high, surpassing the $3050 per ounce threshold, immediately after US Fed Chairman Jerome Powell hinted at only two US rate cuts in 2025 and reiterated that the Fed is in no hurry to adjust borrowing costs.
EURUSD Chart by TradingViewGold Price Technical Analysis and Expectations Today:
Based on the daily chart, gold prices remain on an upward trajectory. Also, the initial break of the trend will not occur without gold prices moving towards the support levels of $2,965 and $2,900 per ounce, respectively. So far, according to technical indicators such as the Relative Strength Index (RSI) and the MACD, the trend is bullish, especially with prices stabilizing around and above the psychological resistance of $3,000 per ounce. Gold prices will remain bullish in the coming days as long as global geopolitical tensions persist, the US dollar declines, and global central banks increase their purchases of gold bullion. Finally, beware of profit-taking.
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