Gold’s price (XAU/USD) has experienced two consecutive days of losses but remains positive for the week. Currently trading around $3,030, the precious metal hit an all-time high of $3,057 recently, with Quadruple Witching possibly influencing this fluctuation.
Geopolitical tensions in Gaza and Turkey persist. Later today, comments from US President Donald Trump regarding impending tariffs are expected, which may impact market dynamics.
Golds Yearly Performance
Gold has increased by 16% this year, aided by instability in the Middle East and Ukraine. Various banks, including Macquarie Group, have raised their price forecasts, predicting potential rises to $3,500 an ounce.
Technical analysis shows the intraday pivot point at $3,042 as initial resistance, followed by the recent high at $3,057. On the downside, support is noted at $3,027, with further levels at $3,011 and the psychological $3,000 mark.
Quadruple Witching presents traders an opportunity for profit-taking, with trading volumes expected to be substantial. These conditions make it less likely that contract expirations will prompt extensive selling pressure.
While gold has pulled back slightly, the overall trajectory remains upward for the week. Hitting a fresh record high at $3,057 before dipping suggests speculative flows and fundamental forces continue to propel the metal. The influence of Quadruple Witching cannot be dismissed, as options and futures expirations can lead to sudden shifts in trading patterns. However, with gold still holding above $3,000, bearish sentiment appears restrained.
Ongoing geopolitical disruptions in Gaza and Turkey maintain an atmosphere of uncertainty. This kind of instability tends to support demand for gold as a hedge. Market participants will also be paying close attention to upcoming remarks from President Trump, particularly if proposed tariff measures inject fresh volatility into broader markets. If those policies alter economic outlooks, expectations for Federal Reserve policy shifts could follow, indirectly influencing bullion.
So far this year, gold has climbed 16%, propelled by unease in the Middle East and Ukraine. Forward-looking views by major financial institutions reinforce the notion of further upside, with Macquarie Group among those projecting a possible move towards $3,500 per ounce. When institutional forecasts start adjusting higher, it suggests a broader acceptance that gold’s bullish momentum may not fade immediately.
Key Technical Levels
From a technical perspective, short-term price levels are well-defined. The $3,042 mark is being tested as the initial point where selling pressure may reappear, followed by the prior record of $3,057. If gold breaks through and sustains levels above that, additional upward movement is plausible. In contrast, if momentum weakens, buyers may watch for support around $3,027, with stronger interest expected near $3,011 and particularly around the psychologically important $3,000 zone.
Quadruple Witching brings about a trading environment where volume swells. This typically amplifies volatility, but it does not always result in dramatic price reversals. Instead, given gold’s recent strong performance, traders may choose to lock in profits rather than drive sustained selling pressure. With so many moving parts, positioning in the derivatives market over the next few sessions will provide clearer indications of whether gold’s bullish trend has more room to run.
