GOLD → The northbound train continues to make its way to 2950
Hello dear friends, it's a pleasure to meet you again as we explore today's gold prices together!
Today, gold continues to maintain its positive upward momentum, with all-time high levels showing no signs of stopping. Currently, gold is trading around $2,936 per ounce, marking an increase of $36 per ounce (1.05%) just in the early hours of the new trading day.
Risk-off sentiment continues to fuel demand for gold, with the precious metal having successfully breached the $2,900 level on Monday. The demand for safety has been further reinforced by comments from former U.S. President Donald Trump, who pledged to impose additional tariffs over the weekend.
However, the U.S. Dollar (USD) is trading stronger against its high-yielding counterparts, while demand for gold and the Japanese Yen (JPY) has outpaced that for the greenback. Meanwhile, Wall Street has maintained modest gains throughout the day, though caution remains as investors await further headlines from Trump.
The focus will remain on the U.S., as Federal Reserve (Fed) Chair Jerome Powell is set to testify before Congress on Tuesday and Wednesday. Market participants will closely watch for any new hints regarding the future direction of monetary policy.
Technical Outlook
Psychological resistance: $2,950 (yet to be confirmed)
Key support levels: $2,900, $2,882
If bulls can consolidate above $2,950 without a pullback, the rally may extend further. However, the most likely scenario is a retracement to $2,900 to accumulate liquidity before continuing the uptrend.
What do you think about this outlook?
Today, gold continues to maintain its positive upward momentum, with all-time high levels showing no signs of stopping. Currently, gold is trading around $2,936 per ounce, marking an increase of $36 per ounce (1.05%) just in the early hours of the new trading day.
Risk-off sentiment continues to fuel demand for gold, with the precious metal having successfully breached the $2,900 level on Monday. The demand for safety has been further reinforced by comments from former U.S. President Donald Trump, who pledged to impose additional tariffs over the weekend.
However, the U.S. Dollar (USD) is trading stronger against its high-yielding counterparts, while demand for gold and the Japanese Yen (JPY) has outpaced that for the greenback. Meanwhile, Wall Street has maintained modest gains throughout the day, though caution remains as investors await further headlines from Trump.
The focus will remain on the U.S., as Federal Reserve (Fed) Chair Jerome Powell is set to testify before Congress on Tuesday and Wednesday. Market participants will closely watch for any new hints regarding the future direction of monetary policy.
Technical Outlook
Psychological resistance: $2,950 (yet to be confirmed)
Key support levels: $2,900, $2,882
If bulls can consolidate above $2,950 without a pullback, the rally may extend further. However, the most likely scenario is a retracement to $2,900 to accumulate liquidity before continuing the uptrend.
What do you think about this outlook?
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✅ Free trading signal support
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Join our community group to receive support for short Scalping orders and the latest trading strategies!
✅ Trading knowledge
✅ Free trading signal support
Join the Tele group: t.me/+xT2uUeadoeo1YTRl
✅ Trading knowledge
✅ Free trading signal support
Join the Tele group: t.me/+xT2uUeadoeo1YTRl
Penafian
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