Gold Daily | Gold Poised for Fifth Weekly Gain as Tariffs Spark Sell-Off, Eyes Key Support Levels

【Latest Gold Price and Recent Trends】

Gold prices have recently fallen by 1%, currently trading near $3082 per ounce. Despite the drop, the metal is still poised for a fifth consecutive weekly gain. The decline follows the announcement of new U.S. tariffs, prompting market sell-offs and profit-taking.

【Technical Analysis】

Gold is trading below $3100, experiencing downward pressure. Key technical support is identified in the $3056-$3054 range, aligned with the 100-period simple moving average on the 4-hour chart. A breach of this level could lead to further declines towards $3036-$3035 and the psychological $3000 mark. Resistance levels are noted at $3115-$3125, followed by $3143 and the historical high of $3157-$3158, which could trigger bullish continuation if surpassed.

【Market Sentiment and Economic Background】

The market is digesting the impact of broad U.S. tariffs imposed by President Trump, creating concerns over an economic slowdown. Investors are closely watching upcoming U.S. non-farm payroll data and Federal Reserve Chair Jerome Powell's speech for clues on monetary policy. The tariffs have heightened fears of a recession, as reflected in stock market declines. Meanwhile, China's retaliatory tariffs add to the uncertainty.

【Analyst Opinions】

OANDA analyst Zain Vawda suggests the current gold price pullback is a mix of profit-taking and partial tariff effect digestion. Market sentiment also considers potential tariff negotiations with the U.S., which may temporarily restrain gold's upward momentum. Citigroup analysts caution about lower-than-expected U.S. employment figures, which could enhance safe-haven demand for gold. Wisdom Tree's Nitesh Shah projects gold prices could approach $3600 by Q1 2026 if current macroeconomic trends persist.