- Bulls were not satisfied with gold prices moving towards the historic psychological resistance of $3000 per ounce.
- As we mentioned, buy orders increased with gains extending to the $3038 per ounce resistance level, the highest in the history of the gold bullion market.
- The gold price index maintains its gains at the time of writing this analysis, ahead of the announcement of the US Federal Reserve's policies, the most important event for financial markets this week.
Will gold prices rise further in the coming days?
According to recent trading and through gold trading companies' platforms, spot gold prices have remained stable above the historic psychological resistance of $3000 per ounce. Amidst the increasing demand from investors and global central banks to buy gold bullion as a safe haven in light of increasing geopolitical risks and concerns surrounding US tariffs, gold market gains have increased amidst multiple economic fluctuations. The upward trajectory remains the strongest and may continue if the factors of its gains, which were listed in the analysis, persist.
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Global Geopolitical and Trade Tensions Support Gold Gains
Recently, the gold price index reached its highest record level against the backdrop of a potential escalation in the Middle East. Israel launched airstrikes on Gaza, killing more than 300 people and ending a two-month ceasefire agreement.
On the economic front, financial markets are still taking into account the tariffs imposed by President Trump, which are 25% on steel and aluminium imports, in addition to reciprocal tariffs that may be imposed on April 2nd.
Separately, the precious metals market is preparing for a wave of global central bank meetings this week, including the widely anticipated US Federal Reserve meeting in March. While the US central bank is expected to keep interest rates unchanged at a range of 4.25% to 4.5%, investors will be closely following Fed Chairman Jerome Powell's post-meeting press conference, as well as the updated US economic outlook.
Trading Tips:
Trade gold continuously but do not risk buying from record peaks and wait for any price decline to consider buying, but without risk. Also, don't forget that gold prices have risen by more than 15% this year 2025, and gold prices have risen by 41% in the past twelve months.
US Dollar Performance Did Not Stop Gold Gains
Meanwhile, sharply bullish gold prices ignored the rise in the US dollar price. The US Dollar Index (DXY), which measures the value of the US dollar against a basket of other major currencies, rose to 103.67, before settling around the 103.25 level at the time of writing this analysis. In general, the US Dollar Index DXY has fallen by about 5% this year and is trading at its lowest level since the presidential election. As is well known, a weak US dollar is beneficial for dollar-denominated commodities, as it reduces the cost of buying them for foreign investors.
On the other hand, it affects the gold market. US Treasury yields were mixed, with the benchmark 10-year note yield holding steady at 4.31%. The 2-year note yield fell 1 basis point to 4.04%, and the 30-year note yield rose 2 basis points to 4.62%. Overall, the government bond market has been on a downward trend this month, which is positive for non-yielding bullion, as it reduces the opportunity cost of holding metals.
US Stock Indices Are Under Pressure from Technology Stocks
During yesterday's trading session and across stock trading platforms, selling resumed on Wall Street after two days of gains, pushing major indices lower. Based on performance, the S&P 500 index fell 1.1%, approaching correction territory, while the Dow Jones Industrial Average fell 260 points, and the Nasdaq 100 index fell 1.6%, pressured by weakness in the technology sector. According to trading, Tesla shares fell 5.3% after RBC Capital Markets lowered its target price, citing intensifying competition in the electric vehicle sector. Alphabet shares fell 2.3% following news of Google's $32 billion acquisition of cloud security company Waze.
Other tech giants, including Nvidia and Palantir, also posted losses of 3.4% and 4%, respectively. Overall, investors are concerned ahead of today's Federal Reserve monetary policy decision, as markets widely expect US interest rates to remain unchanged.
Gold Price Technical Analysis and Expectations Today:
My technical view of gold price performance has not changed. The overall trend remains bullish. As we mentioned before, the historical psychological resistance of $3,000 per ounce will remain, confirming the strength of bulls' control over the trend. Therefore, preparing for a new era of record upward gains if the factors listed in the analysis continue. Considering the possibility of profit-taking at any time, the strategy of buying gold at every downward level remains the best and strongest. Currently, the closest resistance levels for gold prices are $3,038, $3,046, and $3,085 per ounce, respectively. Decisively, keep in mind that all technical indicators have reached strong overbought levels.
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