Gold has gained over 5% since the April 7 low, forming a bullish pattern of higher highs and lows. A confirmed Bullish Marubozu and support above the 20- and 50-period EMAs point to strengthening momentum. RSI remains above 50, and the Momentum Oscillator holds firm above 100. On the fundamental side, gold rose 1.4% as safe-haven demand increased following Trump's decision to raise tariffs on Chinese imports to 125%, adding pressure ahead of key U.S. inflation data.
Overview
Gold has gained over 5% since the April 7 low, forming a bullish pattern of higher highs and lows. A confirmed Bullish Marubozu and support above the 20- and 50-period EMAs point to strengthening momentum. RSI remains above 50, and the Momentum Oscillator holds firm above 100. On the fundamental side, gold rose 1.4% as safe-haven demand increased following Trump's decision to raise tariffs on Chinese imports to 125%, adding pressure ahead of key U.S. inflation data.
Key Economic Events
Thursday 15:30 (GMT+3) - USA: CPI m/m (USD)
Thursday 15:30 (GMT+3) - USA: Unemployment Claims (USD)
Friday 09:00 (GMT+3) - UK: GDP m/m (GBP)
Friday 15:30 (GMT+3) - USA: PPI m/m (USD)
Technical Analysis
Gold prices have rebounded significantly from the April 7 low of $2,956.56 per troy ounce, advancing over 5% and initiating a pattern of higher highs and higher lows, indicative of a potential bullish trend shift.
This structural change gained traction with the confirmation of a Bullish Marubozu candlestick formation, a signal of strengthening momentum and an important inflection point for the market. The emergence of this candlestick pattern has fortified the bullish case, signaling the onset of a renewed upward trajectory.
Technical indicators further underscore the positive momentum. Gold prices are now positioned above both the 20-period and 50-period Exponential Moving Averages (EMAs)—a configuration often viewed as a sign of heightened market confidence and an elevated probability of sustained gains.
Additionally, momentum metrics reinforce this bullish sentiment. The Momentum Oscillator has climbed decisively above the critical 100 level, reflecting robust upward pressure, while the Relative Strength Index (RSI) remains above the 50 threshold, suggesting persistent buying interest and market strength.
Potential Upside Targets
Should the bulls maintain market control, traders may direct their attention toward the four potential resistance levels below:
3167.54: The initial resistance is 3167.54, which represents the all-time high marked April 2.
3225.29: The second price target is identified at 3225.29, corresponding to the weekly resistance, R2, estimated using the standard Pivot Points methodology.
3297.93: The third target is established at 3297.93, which aligns with the 161.8% Fibonacci Extension drawn from 3167.54 to 2956.56.
3508.91: An additional price target is estimated at 3508.91, corresponding to the 261.8% Fibonacci Extension drawn from 3167.54 to 2956.56.
Potential Downside Targets
Should the sellers take market control, traders may consider the four potential support levels listed below:
3057.41: The first level of support is determined at 3057.41, representing the peak marked March 20.
2956.56: The second support level is identified at 2956.56, reflecting the swing low from April 7.
2921.87: The third support level is seen at 2921.87, which mirrors the weekly support, S2, calculated using the standard Pivot Points methodology.
2832.53: An additional downward target is observed at 2832.53, corresponding to the trough formed on February 28.
Fundamentals
Gold prices inched up on Thursday as investors sought refuge in the safe-haven asset following President Trump's decision to hike tariffs on Chinese imports to 125%, intensifying trade tensions with the world's top metals consumer. Gold rose more than 1.4% to $3,132.55 an ounce on Thursday at the time of writing. The move comes despite a temporary easing of duties on other countries and ahead of key US inflation data that could shape the Federal Reserve's rate outlook.
Conclusion
With technical momentum building and safe-haven demand rising amid renewed trade tensions, Gold appears well-positioned for further gains—especially if upcoming U.S. inflation data reinforces expectations of a dovish Fed. Traders should stay alert to both economic releases and key technical levels as the market navigates this potentially pivotal stretch.