Gold remains resilient above 2730 support, currently hovering around 2800 as tariff tensions and trade war risks escalate. If no trade deals are reached with the US, safe-haven demand could continue driving prices higher.
📈 Bullish Outlook: A decisive hold above 2820 could fuel an uptrend toward 2890 and 2920, aligning with the trendline connecting higher lows from October 2023-2024. A sustained move could push gold to the 3,000 checkpoint.
📉 Bearish Risks: A break below 2730 may trigger a deeper pullback, revisiting the Nov 2024 - Jan 2025 range, with key downside targets at 2630 and 2570 (aligning with the lower end of gold’s 2023-2024 uptrend channel). Longer-term support sits at 2520, 2420, and in extreme cases, 2300, coinciding with Fibonacci retracement levels (0.236, 0.382, 0.5) of the October 2023 - October 2024 trend.
- Razan Hilal, CMT
📈 Bullish Outlook: A decisive hold above 2820 could fuel an uptrend toward 2890 and 2920, aligning with the trendline connecting higher lows from October 2023-2024. A sustained move could push gold to the 3,000 checkpoint.
📉 Bearish Risks: A break below 2730 may trigger a deeper pullback, revisiting the Nov 2024 - Jan 2025 range, with key downside targets at 2630 and 2570 (aligning with the lower end of gold’s 2023-2024 uptrend channel). Longer-term support sits at 2520, 2420, and in extreme cases, 2300, coinciding with Fibonacci retracement levels (0.236, 0.382, 0.5) of the October 2023 - October 2024 trend.
- Razan Hilal, CMT
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