Today, the international gold price continued its upward trend, with spot gold hitting a high of $2,912.31 per ounce, up 0.51% from the previous trading day. This rise was mainly driven by multiple factors, including the weakening of the US dollar index, rising geopolitical risks, and continued gold purchases by global central banks. Institutions such as Goldman Sachs have raised their gold price forecasts to $3,100 per ounce by the end of 2025, and even believe that if policy uncertainty intensifies, it may reach $3,300 per ounce.
The situation between Russia and Ukraine remains the focus of the market. The US-Russia talks held in Saudi Arabia may have a direct impact on the situation. If the negotiations break down or the conflict escalates, the safe-haven property of gold will be further highlighted.
The recent US tariff policy and trade war concerns continue to ferment, pushing investors to turn to gold to hedge risks.
Pattern analysis:
Resistance level: The upper resistance during the day is concentrated in the range of 2916-2920 US dollars. If it breaks through, it may test 2940 US dollars (previous high point).
Support level: The lower support is at 2880-2872 US dollars. If it falls below, it may trigger a short-term correction.
It is recommended to continue to operate in the range, short at highs and long at lows, and do not blindly place orders in the middle
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