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As investors turn to safe-haven assets during turbulent times, the yellow metal created a new high level to trade at $3017 during Asian trade on Tuesday the 18th.
The yellow metal broke and traded above the $3000 per ounce for the first time on Friday, March 14th, 2025.
Meanwhile, geopolitical tensions coupled with concerns over trade disruptions and tariff-driven inflation from the U.S. has fostered a risk-off environment.
Safe-haven assets vis-à-vis gold demand also grew ahead of key central bank meetings this week, including the Federal Reserve, Bank of Japan, Bank of England and Swiss national Bank.
Meanwhile, Markets remained uncertain about Trump's commitment to the tariffs, especially after his recent reversal on measures against Canada and Mexico. However, China, the EU, and Canada have announced retaliatory actions and are likely to impose even stricter countermeasures against the U.S. tariffs.
Given the prevailing trend throughout the week, as the market anticipates key catalysts to drive price movements, analysts highlight the following crucial levels to watch:
With bullish momentum persisting, given the breakout of the H1 range, gold prices could lead to new highs as the week progresses. If buyers push past the $3,020–$3,030 zone, further upside potential could open the door to $3,040–$3,050 level.
On the flip side, as the market takes a breather, prices may stabilize around $3,000. However, a shift toward bearish momentum could drive prices lower, targeting $2,986 and $2,978, with the possibility of further breakdowns beyond these levels, according to analysts.
Amongst key fundamental factors, the most impactful economic data likely to influence gold prices includes:
The Bank of Japan's monetary policy rate decision, set for release on Wednesday, along with the U.S. Federal Funds Rate. Additionally, the Swiss National Bank (SNB) policy rate, scheduled for Thursday, March 20th, these data points have the tendency to drive gold prices as investors tend to tilt towards the safe haven in time of economic uncertainty and lower rates too
The yellow metal after surpassing the psychological barrier of $3,000 on Friday, March 14, 2025, consolidated within a clear range on the one-hour time frame chart on Monday the 17th, with $3,004 acting as strong resistance and $2,978 providing support. During the Asian session on Tuesday, prices broke out of the range, to create a new level of $3017.
Currently, price is strongly above the EMA 50, which hints bullish pressure alongside the breakout of the range to the upside. Also, the oscillator indicator (RSI) also signals potential upside movement.
Fig. XAUUSD, H1, Tradingview.
Disclaimer: The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.
