Recent Performance:
• Price Movement: Gold has reached a historic milestone, surpassing $3,000 per ounce for the first time. This surge is attributed to investor concerns over U.S. tariff policies potentially slowing economic growth and accelerating inflation.
Technical Analysis:
• Support and Resistance Levels: After reaching the record high, gold is consolidating around $2,983 per ounce. Key support levels to monitor include $2,833, $2,790, and $2,721. A sustained move above $3,000 could pave the way toward the next resistance level at $3,365.
Fundamental Factors:
• Geopolitical and Economic Concerns: Ongoing geopolitical tensions, fears of rising tariffs, and anticipation of further U.S. interest rate cuts have bolstered gold's appeal as a safe-haven asset.
• Federal Reserve Meeting: Investors are closely monitoring the upcoming Federal Reserve monetary policy meeting, which could influence gold prices further.