Gold Price Nears $3,000 for the First Time in History
As shown in the XAU/USD chart today, gold is at a record high, just $5 away from the key psychological level of $3,000. Moreover, on the futures market, COMEX data indicates that gold futures have already surpassed this barrier.
Bullish sentiment is driven by:
Low US inflation data (released on Wednesday), which boosted gold prices due to growing expectations of a more dovish Federal Reserve policy.
Uncertainty surrounding Trumps tariffs, escalating global trade tensions. According to the latest reports, the US president has warned of a 200% tariff on European wine and other alcoholic beverages after the EU imposed a 50% tariff on American whiskey.
Technical Analysis of XAU/USD
In our previous post on 6 March, we identified an upward channel (marked in blue) and suggested that its lower boundary would act as support, providing bulls with an opportunity to push towards the $3,000 level.
As indicated by the arrow, this scenario played out:
1011 March: The price rebounded from the lower blue boundary.
The price then broke through $2,930.
The large bullish candle formed on 13 March signals strong buyer dominance, suggesting that:
$2,930 and $2,950, which previously acted as resistance, could now provide support for bulls.
This month, gold may exceed the $3,000 mark for the first time, reaching the upper boundary of the long-term channel (marked in yellow).
Read more: https://fxopen.com/blog/en/oa-gold-price-nears-3-000-for-the-first-time-in-history/
Text source: Forex Trading Blog
