Gold Overview
On Thursday, gold prices soared to a new all-time high, nearing the $2,990 mark, driven by escalating uncertainty over Trump’s tariff policies and increased bets on Federal Reserve rate cuts. By the close, spot gold was up 1.9%, settling at $2,988.89 per ounce.
Gold’s rally was fueled by market volatility surrounding Trump’s trade policies. According to CCTV News, Trump announced via social media that if the EU does not remove its 50% tariff on American whiskey, the US will impose a 200% tariff on French wine, champagne, and other EU products.
Additionally, US February PPI data revealed easing inflationary pressures, reinforcing expectations of Fed rate cuts and further boosting gold prices. Data showed:
- February PPI YoY: 3.2% (lower than expected)
- February PPI MoM: 0% (smallest increase since July 2024)
Further supporting gold’s rally, holdings in the world’s largest gold ETF, SPDR Gold Trust, surged 7.17 tons to 905.81 tons, the highest since February 27. Alex Ebkarian, COO of Allegiance Gold, stated, “Gold is in a long-term bull market, and we expect prices to fluctuate between $3,000 and $3,200 this year.”
Gold – Technical Analysis
Gold extended its strong rally, breaking previous records. It opened at $2,933.4, initially dipped to $2,932.4, then surged past the previous record of $2,957, accelerating toward $2,989.3 before consolidating. The daily candlestick closed as a strong bullish candle, confirming an N-shaped breakout on the weekly chart.
Gold – Key Levels to Watch
- Resistance: $3,000–$3,010
- Support: $2,975–$2,965
Crude Oil Overview
Oil prices fell as concerns over slowing global demand and geopolitical uncertainty weighed on the market. At the close:
- WTI April futures dropped 1.67%, settling at $66.55 per barrel.
- Brent May futures declined 1.51%, closing at $69.88 per barrel.
In its latest monthly report, the International Energy Agency (IEA) revised its 2025 global oil demand forecast downward, citing rising trade tensions and macroeconomic risks. The IEA now expects global oil demand to grow by 1.03 million barrels per day, a downward revision of 70,000 barrels per day from last month.
Meanwhile, Russia-Ukraine ceasefire negotiations continue to influence market sentiment. According to Xinhua News, Russian President Vladimir Putin expressed support for a truce but emphasized that many details still need to be resolved.
Phil Flynn, Senior Analyst at Price Futures Group, noted: “Despite tight oil inventories, trade tensions are eroding market confidence, pushing US stocks lower and weighing on oil prices.”
Crude Oil – Technical Analysis
Oil prices faced resistance at $67.9, before declining below $67, eventually reaching a low of $66.3. The daily candlestick formed a bearish reversal, signaling continued downside risk.
Crude Oil – Key Levels to Watch
- Resistance: $67.5–$67.7
- Support: $65.2–$65.5
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