Gold prices are stabilizing as renewed trade tensions draw in buyers. Recently, tensions rose when Trump accused China of breaking an agreement, resulting in a 50% increase in steel tariffs. Gold continues to trend upward due to expected easing from the Fed, although anticipated rate cuts could impact prices. Key economic data, such as the NFP and CPI reports, will significantly influence price movements. On the daily chart, gold has crossed a downward trendline, indicating the potential for new highs, targeting 3438. If prices reach 3438, buyers may increase their positions, while sellers could expect a drop to the main upward trendline. The 4-hour chart shows a breakout and positive momentum. A pullback near the minor upward trendline would be a good opportunity for buyers looking to reach 3438. Sellers might wait for prices to decrease to target the 3200 level. The 1-hour chart reveals a support zone around 3330. Buyers are likely to enter at this level, aiming for higher prices if they stay above support. Sellers will look for a breakdown below this level to continue a pullback to the minor upward trendline. Upcoming economic indicators include US Job Openings, ADP, ISM Services PMI, Jobless Claims, and the NFP report. The article highlights recent gold price activity and ties it to technical and economic factors, noting the rise in tariffs and anticipated central bank policy changes like rate cuts, which usually bolster gold prices. The charts show positive momentum, with higher support and resistance levels, indicating ongoing interest from buyers. The 1-hour, 4-hour, and daily charts all suggest a move toward 3438 unless economic surprises occur. We see strong upward pressure with regular pullbacks on shorter timeframes. Expect increased volatility around important economic data, but the overall trend is upward. Temporary retracements, especially toward support near 3330 and the minor upward trendline, should be viewed as opportunities rather than threats. The larger trend remains strong after breaking above the previously discussed descending structure on the daily chart. This is often a reliable pivot where former resistance becomes support. Seller fatigue has been noted just above this level, with momentum building each time buyers return to recover short-term losses. With several important US economic releases approaching, be prepared for swift and sometimes dramatic price fluctuations—especially right after announcements. This includes employment statistics and service sector performance, which significantly impact rate expectations. How these numbers align with forecasts will likely influence market expectations regarding central bank actions, which in turn affects gold pricing through yields and the dollar. We expect selling pressure around the 3438 level, but this will likely involve closing short positions rather than aggressive selling. This reaction often indicates that the market is digesting gains before choosing a direction. A close above 3438 with ongoing buying would signal strong confidence and possibly lead to further upward movement. Currently, levels between 3330 and the minor upward trendline near 3260 serve as areas for potential accumulation. Support zones that react quickly on shorter timeframes often reflect deeper liquidity, allowing larger traders to build positions without significantly moving the market. If these levels trigger buying and push gold above recent highs, it will reinforce the current bullish trend. We’ve observed that shorter-term movements align with broader market sentiment—buyers tend to act quickly, and pullbacks are usually shallow. As long as macroeconomic data supports easing and geopolitical tensions remain, this trend should continue in the near term. However, risk always exists with sudden shifts in economic numbers. For instance, stronger-than-expected job growth or inflation could delay easing and rapidly change rate expectations, typically strengthening the dollar and temporarily reducing demand for metals. Therefore, monitoring real-time changes in bond yields after announcements can provide early warning signs. In conclusion, prices are firmly within a bullish structure, showing technical support across multiple timeframes. The upcoming data will determine if we revisit local support levels or push towards new gains.

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