On Thursday (March 27), affected by the news that US President Donald Trump announced new tariffs on imported cars, global trade tensions further escalated, market risk aversion heated up, and gold prices once again approached the record high set last week.
Fundamentals: Gold fell from its pre-US high. The decline supports the long position view.
The new US tariffs have exacerbated market tensions, and PCE data will become the next focus of attention.
The current market is active, and both long and short sides are engaged in fierce competition around key resistance levels. The dual drive of technical and fundamental factors has significantly amplified the volatility of gold prices.
The cumulative net inflow of gold ETFs in the first quarter of 2025 has reached 155 tons, and the total holdings have climbed to the peak since September 2023. In the previous trading day alone, the scale of a single-day increase of 23 tons set a record since 2022. The unexpected growth of central bank demand for gold purchases and the continued inflow of ETF funds together constitute the "two-wheel drive" for gold's medium- and long-term bullishness. If this trend continues, it will provide sufficient liquidity support for gold prices to break through historical highs.
The current price is close to the historical high, and some long profit-taking pressure is gradually accumulating. If the PCE data released on Friday is stronger than expected, or the Federal Reserve releases hawkish signals, it may become the fuse to trigger a pullback
Trend: shock upward trend
Support: around 3033.00
Resistance: around 3055.50
Fundamentals: Gold fell from its pre-US high. The decline supports the long position view.
The new US tariffs have exacerbated market tensions, and PCE data will become the next focus of attention.
The current market is active, and both long and short sides are engaged in fierce competition around key resistance levels. The dual drive of technical and fundamental factors has significantly amplified the volatility of gold prices.
The cumulative net inflow of gold ETFs in the first quarter of 2025 has reached 155 tons, and the total holdings have climbed to the peak since September 2023. In the previous trading day alone, the scale of a single-day increase of 23 tons set a record since 2022. The unexpected growth of central bank demand for gold purchases and the continued inflow of ETF funds together constitute the "two-wheel drive" for gold's medium- and long-term bullishness. If this trend continues, it will provide sufficient liquidity support for gold prices to break through historical highs.
The current price is close to the historical high, and some long profit-taking pressure is gradually accumulating. If the PCE data released on Friday is stronger than expected, or the Federal Reserve releases hawkish signals, it may become the fuse to trigger a pullback
Trend: shock upward trend
Support: around 3033.00
Resistance: around 3055.50
Trade active
Intraday data reference:US February core PCE price index annual rate
US February personal spending monthly rate
US February core PCE price index monthly rate
US March University of Michigan consumer confidence index final value
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.