Gold price rally (XAU/USD) is inching closer to a new all-time high, trading around $2,930 as of Friday. The precious metal is poised to end the week with significant gains, driven by recent geopolitical developments and market uncertainties.
What’s Driving Gold’s Rally?
The latest surge in Gold prices follows US President Donald Trump’s executive order on reciprocal tariffs. Although the tariffs may take weeks to implement, investors are already shifting their focus to safe-haven assets like Gold.
Adding to the momentum, the US Dollar (USD) and the US Dollar Index (DXY) have weakened significantly. This decline in the Greenback has created a favorable environment for Gold to thrive.
Market Movers: Tariffs and Economic Data
Gold price rally has advanced for three consecutive days, nearing a record high. The uncertainty surrounding global trade and the economy has fueled this upward trend.
According to Bloomberg, Comex Bullion futures are trading at a premium to spot prices. The most active contract for April is above $2,960, while cash prices are slightly lower.
At 13:30 GMT, the US Retail Sales data for January will be released. Analysts expect a 0.1% decline, contrasting with December’s 0.4% increase.
Technical Analysis: Key Levels to Watch
Gold is on track to hit a fresh all-time high before the weekend. If the current trend persists, it will be challenging to reverse.
The first support level is at 2,919,followedbyS1at2,919,followedbyS1at2,909. Further down, S2 at $2,890 acts as a safeguard against declines.
On the upside, R1 resistance stands at 2,938,withR2at2,938,withR2at2,948. If the rally continues, the 2,950levelcouldbetested,potentiallypushingtowardthe2,950levelcouldbetested,potentiallypushingtowardthe3,000 psychological mark.
Conclusion: Why Gold Remains a Safe Haven
Gold’s rally highlights its role as a safe-haven asset during times of uncertainty. With trade tensions and a weaker US Dollar, investors are turning to Gold for stability.
For more insights on Gold trends and updates, visit Daily Gold Signal. You can also explore the latest Daily Gold Updates for in-depth analysis.
