The gold price (XAU/USD) is up 0.50% this Tuesday, trading near $2,910 during European hours. News from Riyadh shows US and Russian officials discussing a Ukraine peace deal. Russia opposes Ukraine joining NATO, and no Trump-Putin meeting is planned for next week.
Federal Reserve Bank of Philadelphia President Patrick Harker suggests keeping interest rates unchanged. He notes recent inflation reports don’t reflect current economic changes. Later today, Federal Reserve officials Mary Daly and Michael Barr will speak, potentially impacting markets.
Key Market Updates
- Goldman Sachs raised its year-end gold price target to $3,100 per ounce.
- Central bank buying and ETF inflows are driving the gold price higher.
- Gold shipments from Singapore to the US hit 11 tons in January, a three-year high.
- The US is asking European nations for security guarantees for Ukraine in peace talks.
- Investors are analyzing complex US tariff plans, which may take months to implement.
Technical Analysis: Gold Price Rally Continues
Gold is climbing again, but the Relative Strength Index (RSI) shows overbought conditions. Buyers may wait for a price drop before entering the market.
- Support Levels:
- First support at $2,893 (daily Pivot Point), which held during Asian trading.
- S1 support at $2,881 could act as a backup if the first level breaks.
- Resistance Levels:
- R1 resistance at $2,909 is being tested; a close above it signals more gains.
- R2 resistance the next target for R2 resistance is at 2,921, followed by the all-time high of 2,942.
Conclusion
The gold price is rising due to paused Ukraine negotiations and economic uncertainties. Overbought conditions may cause a short-term pullback, but the outlook remains positive. For more market analysis, visit Daily Gold Signal.
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