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Chart Pattern Signals Possible Near-Term Correction
Monday’s price action raises the risk of a closing price reversal top. If confirmed, this technical setup could trigger a 2–3 day pullback. The initial downside target sits at the pivot near $3,101.20, while major support lies at the 50-day moving average, currently at $2,978.32. A breakout above $3,245.85 would invalidate the reversal pattern and confirm a continuation of the uptrend.
Tariff Policy and Safe-Haven Demand Keep Floor Under Gold
U.S. President Donald Trump’s decision to exempt smartphones, computers, and semiconductors from new reciprocal tariffs sparked improved market sentiment and pressured gold slightly. However, lingering uncertainty about future tariff rates and the durability of the exemptions is keeping safe-haven flows alive. According to OANDA’s Zain Vawda, “A US-China deal seems unlikely anytime soon,” which should continue to support demand for gold.
Goldman Sachs Raises Bullish Outlook on Central Bank Buying and ETF Inflows
Goldman Sachs remains the most bullish among major banks, lifting its gold price forecast to $3,700, citing robust central bank buying and growing concerns over recession risks. In extreme scenarios tied to potential Federal Reserve policy subordination or changes in U.S. reserve strategy, Goldman sees a possible spike to $4,500.
Weaker U.S. Dollar and Bond Market Volatility Add Support
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