Gold surged above $2,980 per ounce on Friday, hitting a record high and poised for a 2% weekly gain amid risk aversion and rising Fed rate cut expectations. Trump escalated trade tensions, threatening a 200% tariff on European wines after the EU imposed a 50% tax on U.S. whiskey. February's PPI and CPI data signaled easing inflation, increasing Fed flexibility for rate cuts and boosting gold’s appeal. Strong ETF inflows and continued central bank purchases, with China extending its buying for a fourth month, further supported prices.
Key resistance stands at $2,985, with further levels at $3000 and $3,050. Support is at $2,930, followed by $2,900 and $2,860.
Key resistance stands at $2,985, with further levels at $3000 and $3,050. Support is at $2,930, followed by $2,900 and $2,860.
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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.