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Gold trades flat with no proper direction after hitting all-time high at $3057. It hits a low of $2999 and is currently trading around $3013.
The new U.S. tariff strategy is exerting a massive impact on the price of gold, which is trading at $3,017 an ounce. Uncertainty regarding the imposition of tariffs, particularly on automobile imports, has generated confused market sentiment. Gold's safe-haven demand is still robust with economic uncertainties and inflation fears driving its near 15% gain in 2025. Market reactions indicate gold prices' resilience, though potential selling pressure may arise if the tariff situation stabilizes. Expectation of dovish interest rate cuts by the Federal Reserve further boosts gold's bullish outlook.
Rate Pause Expectations Rise
According to the CME Fed Watch tool, the chances of a rate pause in the May 19th, 2025 meeting have increased to 89.20% from 83.30% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above the short-term moving averages 34 EMA and 55 EMA and above the long-term moving averages (200 EMA) in the weekly chart. Immediate support is at $3000 and a break below this level will drag the yellow metal to $2985/$2956/$2920/$2900/$2880. The near-term resistance is at $3080 (trend line joining $2450 and $2790) with potential price targets at $3100.
It is good to sell on rallies around $3048-50 with a stop-loss at $3080 for a target price of $2835.
