Gold Price Forecast: XAU/USD Record Rise Surpasses $2,900

Last updated:03/04/2025

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XAU/USD Current price: $2,902.98

President Donald Trump of the United States is preparing for further tariffs.
Next up are US inflation and the testimony of Federal Reserve Chairman Powell.
Although market participants aim for further highs, XAU/USD may rectify gains in the near term.

Demand for gold continues to be driven by risk aversion; on Monday, the shiny metal crossed the $2,900 mark. United States (US) President Donald Trump’s remarks, in which he promised to slap additional tariffs over the weekend, increased demand for safety.

President Trump told reporters aboard Air Force One on Sunday that he would impose additional 25% tariffs on all steel and aluminium imports into the United States. He also promised to shortly announce reciprocal duties to any nations that impose taxes on American goods and services. During US trading hours, XAU/USD continued to rise towards $2,911.21, where it is currently trading close to the mark.

Short-Term XAU/USD Technical Analysis

Technically speaking, XAU/USD is ready to continue its upward trend. It has fallen from its recent peak, according to the daily chart, and is currently trading at about $2,900. Without showing any symptoms of upward exhaustion, technical indicators continue to slope higher deep into overbought territory. Additionally, the 20 Simple Moving Average (SMA) developed about $140.00 below the present level and surged north well above the bullish 100 and 200 SMAs. Higher highs are ahead, but a corrective fall is still possible.

The 4-hour chart indicates that XAU/USD is bullish in the immediate term, although a corrective dip is still possible. The Relative Strength Index (RSI) indicator consolidates at about 73, but the Momentum indicator moves decisively north, well over its 100 level. Meanwhile, moving averages are heading strongly north, just below the present level. At $2,870.10, a bullish 20 Simple Moving Average (SMA) is offering intraday support.

Levels of support: 2,886.60 2,872.30 2,855.45

Levels of resistance: 2,911.60 2,925.00 2,940.00

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Despite the upbeat sentiment in the stock market, investors continue to seek out safe-haven investments. In contrast to its high-yielding competitors, the US Dollar (USD) is trading with more conviction, and demand for Gold and the Japanese Yen (JPY) is higher than that for the USD. However, investors are being cautious as they await fresh Trump stories, so Wall Street is only able to hang on to tiny intraday gains.

U.S. interests will continue to dominate this week. On Tuesday and Wednesday, Federal Reserve (Fed) Chairman Jerome Powell will appear before Congress. Market participants are hoping for new information on monetary policy’s future. In addition, on Wednesday, the US will release the January Consumer Price Index (CPI). Economists are projecting a core annual reading of 3.1%, which is lower than the 3.2% recorded in December.

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