News & Analysis / Analysis / Gold Price Nears $3,000 for the First Time in History

Gold Price Nears $3,000 for the First Time in History

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As shown in the XAU/USD chart today, gold is at a record high, just $5 away from the key psychological level of $3,000. Moreover, on the futures market, COMEX data indicates that gold futures have already surpassed this barrier.

Bullish sentiment is driven by:

→ Low US inflation data (released on Wednesday), which boosted gold prices due to growing expectations of a more dovish Federal Reserve policy.

→ Uncertainty surrounding Trump’s tariffs, escalating global trade tensions. According to the latest reports, the US president has warned of a 200% tariff on European wine and other alcoholic beverages after the EU imposed a 50% tariff on American whiskey.

Technical Analysis of XAU/USD

In our previous post on 6 March, we identified an upward channel (marked in blue) and suggested that its lower boundary would act as support, providing bulls with an opportunity to push towards the $3,000 level.

As indicated by the arrow, this scenario played out:
→ 10–11 March: The price rebounded from the lower blue boundary.
→ The price then broke through $2,930.

The large bullish candle formed on 13 March signals strong buyer dominance, suggesting that:
→ $2,930 and $2,950, which previously acted as resistance, could now provide support for bulls.
→ This month, gold may exceed the $3,000 mark for the first time, reaching the upper boundary of the long-term channel (marked in yellow).

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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