Gold – Supported by Weaker Dollar and Trade War Uncertainty

Gold held steady on Wednesday, consolidating after a strong two-day rally that retraced approximately 76.4% of its decline from the record high of $2,956 to the correction low of $2,832.

A broadly weaker dollar continues to support gold’s advance, with renewed safe-haven demand driven by uncertainty surrounding the impact of the trade war, adding further bullish momentum.

The break and close above the $2,900 level signaled fresh upside potential. However, the outlook remains cautious as mixed daily technical signals persist—negative momentum contrasts with moving averages in a bullish setup.

Near-term bias remains to the upside as long as gold holds above the $2,900–$2,894 support zone (psychological level/daily Tenkan-sen). A firm break above the key Fibonacci resistance at $2,926 (76.4% retracement) would strengthen bullish momentum, paving the way for a retest of the all-time high and a potential move higher.

Resistance: 2,926; 2,942; 2,956; 2,985
Support: 2,908; 2,900; 2,894; 2,879