Gold Steadies Near 2800 as Tariff Risks Escalate

Gold remains resilient above 2730 support, currently hovering around 2800 as tariff tensions and trade war risks escalate. If no trade deals are reached with the US, safe-haven demand could continue driving prices higher.

📈 Bullish Outlook: A decisive hold above 2820 could fuel an uptrend toward 2890 and 2920, aligning with the trendline connecting higher lows from October 2023-2024. A sustained move could push gold to the 3,000 checkpoint.

📉 Bearish Risks: A break below 2730 may trigger a deeper pullback, revisiting the Nov 2024 - Jan 2025 range, with key downside targets at 2630 and 2570 (aligning with the lower end of gold’s 2023-2024 uptrend channel). Longer-term support sits at 2520, 2420, and in extreme cases, 2300, coinciding with Fibonacci retracement levels (0.236, 0.382, 0.5) of the October 2023 - October 2024 trend.

- Razan Hilal, CMT