Today’s Gold Analysis Overview:
- Overall Trend: Strongly bullish and still upward.
- Today’s Gold Price Support Levels: $3440 – $3390 – $3300 per ounce.
- Today’s Gold Price Resistance Levels: $3500 – $3555 – $3600 per ounce.
Today’s gold trading signals update:
- Sell Gold from the resistance level of $3520 with a target of $3440 and a stop-loss at $3550.
- Buy Gold from the support level of $3390 with a target of $3560 and a stop-loss at $3330.
Technical Analysis of Gold Price (XAU/USD) Today:
At the start of this week’s trading, gold futures surged by 3%, reaching a new record high as the gold price index jumped to the psychological resistance level of $3500 per ounce, the highest in the history of gold bullion prices. Gold market gains came in the opposite direction to the significant decline witnessed in the rest of the financial markets. Investors flocked to the traditional safe haven after US President Donald Trump launched a scathing attack on Federal Reserve Chairman Jerome Powell.
According to gold trading platforms, spot gold prices have risen by 30% this year and have already achieved multiple record closes in 2025. In the same performance, silver prices achieved modest gains at the start of the trading week. Silver futures rose to $32.60 per ounce. Overall, the price of the white metal has risen by 11% since the beginning of the year but is struggling to achieve the same outstanding performance as gold.
What is Happening Between Trump and Jerome Powell and the Market Impact?
Recently, US President Trump clarified his complaint against the Federal Reserve, describing its chairman as the “biggest loser” and demanding that the institution cut interest rates to prevent an economic slowdown. Trump said on “Truth Social”: “Many are calling for proactive interest rate cuts.”
With this marked downward trend in interest rates, which we fully expected, inflation is almost impossible, but an economic slowdown could occur unless “Mr. Too Late,” the biggest loser, cuts interest rates now.
Overall, these statements, which market analysts say threaten the independence of the central bank, triggered a sharp sell-off in financial markets. However, US dollar assets struggled to benefit from safe-haven demand. The US Dollar Index (DXY), which measures the value of the US dollar against a basket of other major currencies, fell by more than 1% to reach 98.34, its lowest level in over three years. Overall, the US Dollar Index has fallen by 9% this year.
Trading Tips:
The gold price will remain in its strong upward trajectory for some time.
As is well known, a weaker US dollar is beneficial for US-denominated assets, such as gold, as it reduces the cost of purchasing it for foreign investors. Another factor affecting the gold market is the US Treasury yields. US Treasury yields were mixed, although the benchmark 10-year Treasury yield rose 6.4 basis points to over 4.39%. The gold market is sensitive to rising interest rates, as this could affect the opportunity cost of holding non-yielding bullion.
For his part, US Federal Reserve Chairman Powell, whose term ends in May 2026, has clearly stated that his dismissal is “legally impermissible.”
The latest market developments indicate that investors may be avoiding the United States. Additionally, the economic slowdown caused by tariffs and rising inflation could exacerbate the weakness of the US dollar and the demand for US bonds. This is a favourable environment for further gains in gold prices.
Technical Forecasts for Gold Prices:
According to the performance on the daily timeframe chart, the overall trend for gold prices remains strongly bullish, and the current test of the $3500 resistance was expected. I noted in previous technical analyses of gold prices that the path may ignore the movement of technical indicators towards strong and sharp overbought levels without exception from all technical indicators, and the market will continue to move upwards as long as the factors driving gold price gains persist and increase. Stability above the $3500 resistance may increase expectations for the future of gold prices towards the historical high of $4000 per ounce sooner than previously anticipated.
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