Gold price ranges near ATH as dollar weakness and Fed stance counterbalance
Gold price remain in a tight consolidation near its all-time high of $2,955 per ounce, with support at $2,920 holding firm over the past three days.
As the new trading week begins, the precious metal continues to struggle for meaningful momentum, trading around $2,935 in the European session.
The current price action reflects a balance between bullish drivers and resistance from macroeconomic conditions. The prevailing risk-averse sentiment, driven by geopolitical tensions and uncertainty around trade tariffs introduced by former U.S. President Donald Trump, has strengthened demand for gold as a safe-haven asset. Additionally, continued selling pressure on the U.S. dollar has provided further support.
However, expectations that the Federal Reserve will maintain higher interest rates for longer due to persistent inflation have limited gold’s upside. Since gold is a non-yielding asset, a prolonged period of elevated rates makes it less attractive compared to interest-bearing alternatives.
Gold price outlook: Key $2,920 technical support as gold aim for fresh highs
Gold price dynamics (February 2025). Source: TradingView.
From a technical standpoint, the bullish trendline from previous weeks aligns closely with the $2,920 support level. A sustained hold at this level could propel gold to fresh record highs in the coming days. If buyers fail to defend this support, the next key level to watch is the psychological barrier at $2,900.
While gold’s consolidation suggests underlying strength, a break below key support levels could shift sentiment, leading to a deeper pullback. Conversely, continued risk aversion and dollar weakness may provide the necessary push for gold to test new highs before the end of the month.
Gold hit a record high of $2,955 before pulling back to find support at the 100-hour EMA. Concerns over Trump’s tariff policies and inflation risks have kept demand for gold strong.
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