Gold surged further above the 3000 psychological level today, extending its record-breaking rally as geopolitical uncertainty, trade tensions, and global monetary easing continue to fuel demand.
Trade tensions remain front and center with investors are piling into the precious metal ahead of the April 2 deadline, when reciprocal and sectoral tariffs will take effect on US trading partners. US President Donald Trump reinforced his stance, declaring that the new tariffs would mark “liberation day” for the US, with broader reciprocal tariffs and sector-specific duties, particularly on steel and aluminum used in auto production.
Meanwhile, attention is also on Trump’s call with Russian President Vladimir Putin today, where discussions will reportedly cover territorial issues and energy infrastructure, likely including Ukraine’s Zaporizhzhia nuclear plant. Any escalation or breakthrough in these discussions could have broader implications for markets,
Technically, Gold’s up trend remains on track to 61.8% projection of 2584.24 to 2956.09 from 2832.41 at 3062.21. which is close to the medium-term channel resistance.
Rejection by the resistance zone, followed by break of 2956.09 resistance turned support will risk a correction back towards 55 D EMA (now at 2841.83) first.
However, strong break above the channel resistance would prompt acceleration in Gold’s uptrend. In such a scenario, gold could quickly reach 100% projection at 3204.26.
