Gold Price Hits New Record High of 2,983 USD as Investors Seek Safe-Haven Assets Amid Trade Tensions and Expectations of Interest Rate Cuts
Key Drivers Behind Gold’s Rally
The surge in gold prices is fueled by escalating trade tensions and expectations of interest rate cuts. President Trump’s threats of tariffs on European wines and easing inflationary pressures in the US have increased market uncertainty, driving investors towards gold as a safe-haven asset. Additionally, strong demand for gold-backed ETFs and central bank purchases have further boosted gold prices.
Technical Analysis of XAU/USD
On the charts, gold has breached the 2,940 USD level and is heading towards 3,000 USD. A corrective pullback to 2,940 USD is possible before a new growth wave targets 3,057 USD. The MACD indicator supports this upward momentum. In the short term, the market is consolidating around 2,940 USD before progressing towards 3,000 USD. A corrective move to 2,957 USD may occur before reaching the target of 3,000 USD.
Conclusion
Gold’s rally is backed by trade tensions, interest rate cut expectations, and strong demand. Technically, gold is poised to reach 3,000 USD with potential corrections along the way. Investors should monitor key levels and macroeconomic developments to understand the next phase of gold’s movement.
By RoboForex Analytical Department
Disclaimer
Any forecasts contained herein are based on the author’s opinion and should not be treated as trading advice. RoboForex is not responsible for trading results based on recommendations in this analysis.