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Gold prices rebounded during Wednesday’s Asian session as the demand for safe haven increased in the wake of U.S. tariffs. However, spot prices were resisted around $3,058.
Adding fuel to the rally was a weakening dollar, with the dollar index sliding and further boosting gold trading’s demand.
Meanwhile, gold price spot tested $2,956 level on Monday which happened to be three weeks low, reacting to the tariff announcement by President Trump. Like many other asset classes, the yellow metal came under pressure late last week into Monday as a result of the risk-off environment triggered by the U.S. tariffs, announced on April 2nd.
As nations responded with retaliatory measures, global stock markets tumbled across board.
As markets priced in the U.S. tariff, gold price forecast on the front radar leads the charge with a 2.35% daily gain as of the time of writing.
On the radar this week: FOMC is meeting minutes is expected to be on the wire later today Wednesday 9th at 10PM GMT+4, Followed by U.S. annual inflation data and weekly unemployment claims on Thursday at 4:30PM. While on Friday, attention would tilt towards PPI, consumer sentiment and inflation expectation at 4:30PM and 6:00PM respectively.
While these data points could spark market volatility, the U.S. tariffs and retaliatory measures by nations carry even greater significance at this point.
From a technical perspective, gold spot prices rebounded after hitting a three-week low of $2,956 on Monday, April 7th. Prices surged and was resisted around $3,058 zone which is in confluence with the 50-day EMA. The RSI hovers around 53, signaling neutrality and potential for further upside.
With rising demand for safety among investors and traders, analysts expect prices to potentially rally toward $3,130 and beyond in the cause of the week. However, if bearish momentum takes over, prices could tank toward the $3,000 level and possibly test the $2,960 zone later this week, according to technical analysts.
Fig.1 Gold spot 4H, Trading view
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