Gold price analysis (XAU/USD) is retreating, marking its second consecutive day of profit-taking, though its weekly performance remains positive. The precious metal trades near $3,030 as of Friday, following an all-time high of $3,057 on Thursday. This pullback aligns with the Quadruple Witching event, a significant financial occurrence when four types of futures and options contracts expire simultaneously, prompting traders to reassess their positions.
Key Gold Market Trends Driving Gold Prices
- Quadruple Witching Impact: This event leads to high volatility as traders adjust portfolios.
- Geopolitical Concerns: Tensions persist in Gaza and Turkey, contributing to market uncertainty.
- US Tariff Announcements: Investors are closely watching comments from US President Donald Trump regarding upcoming tariff implementations on April 2.
Market Context: Geopolitical Uncertainty and Pension Fund Strategies
Gold price analysis has soared 16% this year, recording 15 fresh all-time highs in 2025 as investors seek safe-haven assets. Ongoing conflicts in the Middle East and Ukraine have reinforced bullion’s appeal, with leading financial institutions revising their gold price forecasts upwards. Macquarie Group, for instance, anticipates prices could reach $3,500 per ounce, according to Bloomberg.
The rally in gold has benefited not only traders but also institutional investors. The Ontario Teachers’ Pension Plan reported a 9.4% return last year, largely attributed to strong performances in stocks, venture growth, and commodities. This success raised the fund’s net assets to $185.2 billion by the end of 2024, Bloomberg reports.
Elsewhere, Indonesian mining stocks faced a downturn on Friday after the government signaled an increase in royalties for producers. Reuters highlighted that the local industry index, which includes PT Vale Indonesia and PT Merdeka Copper Gold, dropped by 3.2%, marking its sharpest decline since the initial proposal last week.
Technical Analysis: Support and Resistance Levels
Quadruple Witching presents a window for traders to capitalize on gold’s recent rally. With high trading volumes, many market participants are reducing exposure, limiting significant sell-offs.
- Resistance Levels:
- Intraday Pivot Point: $3,042
- First Resistance (R1): $3,059
- Second Resistance (R2): $3,074
- Support Levels:
- First Support (S1): $3,027
- Second Support (S2): $3,011
- Psychological Support: $3,000
As the market moves forward, traders will watch closely to see how many bullion contract holders roll over their positions at these elevated prices.
For further gold market updates and insights, visit Daily Gold Signal. To explore more in-depth analysis, check out our Daily Gold Update.
