Key Points:
- Gold (XAUUSD) prices hit a high of $3,167.65 per ounce before settling around $3,147.69.
- Bullion surged by 19% in Q1 2025, continuing its upward trend.
- Markets await further details on President Trump’s tariffs, impacting global trade—a strong risk-off sentiment continues to fuel the gold rally.
Gold Prices Remain Strong Ahead of Trump’s Tariff Update
Gold prices remained steady on Wednesday morning, hovering near $3,150 per ounce as traders anxiously awaited President Donald Trump’s tariff announcement. Spot gold peaked at $3,167.65 earlier in the session, before retreating to $3,147.69.
The market remains cautious, with a keen focus on the potential impact of the tariffs on global trade, especially after Trump’s 10% baseline tariff announcement on all imports to the U.S.
Gold’s Record Run Continues Amid Trade Tensions
Gold has witnessed a remarkable 19% surge in the first quarter of 2025, reaching an all-time high of $3,167.65 earlier in the week. Central banks, investment funds, and traders alike have flocked to the safe-haven asset amidst growing uncertainty over Trump’s trade policies and the geopolitical landscape.
Technical Outlook
Picture: XAUUSD tests resistance at 3167.65 after a strong rally from 3100.8, as seen on the VT Markets app.
The XAUUSD increased by 0.15%, closing at 3147.69 after opening at 3142.86. The session saw a high of 3167.65 before retracing slightly, ending near the session’s opening.
The moving averages (MA 5,10,30) indicate bullish momentum, with short-term MAs consistently above the longer-term averages. The MACD (12,26,9) suggests a stable uptrend, as the histogram remains positive, though it has slightly narrowed. The MACD line (blue) is well above the signal line (yellow), supporting the ongoing bullish sentiment.
Key levels to monitor include 3167.65 as immediate resistance and 3140.00 as key support. A break above the resistance could signal further upside momentum, while a drop below support may result in a temporary pullback or consolidation.
Markets await clarity on Trump’s next steps regarding the tariff policy. Gold’s ability to remain near these levels despite volatility is indicative of the market’s underlying risk-aversion sentiment.
