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Spot Gold 1st Hurdle can be seen at $2,892 (upper boundary of the ascending channel, all-time high) before $2,900 (round level). If gold manages to stabilize above $2,900 and confirms that level as support, then $3,000+++ (psychological level) can be seen as the next Hurdle.
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Investors will continue to assess political headlines from the US next week. In response to the US decision to impose tariffs on Chinese imports, the Chinese Ministry of Commerce said they will definitely take necessary measures against “unilateral bullying measures.” Nevertheless, it noted that China will not actively provoke trade disputes and is ready to resolve issues through dialogue and consultation. If markets remain optimistic about the deepening of the US-China trade war, gold’s losses could remain limited. On the other hand, geopolitical developments that point to a possible resolution in the Israel-Gaza conflict or the Russia-Ukraine war could weigh on gold in the near future.
Gold rose above $2,900 an ounce after consumer confidence fell on near-term inflation concerns. Gold had already risen after the January jobs data. Commerzbank said in a note that President Trump has taken a number of steps at the start of his second term, including an immigration ban and tariff threats, raising inflation concerns and making safe-haven investments such as gold more attractive to investors. “The [World Gold Council] expects investment demand in 2025 to be higher than last year,” the firm said. “Low interest rates, highly valued stock markets, a weak U.S. dollar and geopolitical risks are key drivers.” Gold rose 0.9%.
