Experts say: Gold price increase trend remains sustainable

According to Everett Millman, market analyst at Gainesville Coins, the current correction in gold prices is actually a positive development in a long-term uptrend.

After experiencing several sessions of decline due to profit-taking by investors, gold is likely to soon attract cash flow back and continue to conquer new highs.

Mr. Rob Haworth from US Bank Wealth Management shared that the current gold price has quite fully reflected concerns about the global economy and the volatility of the USD.

However, to maintain the upward momentum, the market needs to see more volatility, rather than just maintaining the status quo.

Tariffs and $3,000 Threshold - Key Factors Supporting Gold Prices

Marc Chandler, CEO at Bannockburn Global Forex, stressed that tariff threats will continue to act as a strong support, helping gold stay above $3,000 an ounce.

Meanwhile, Adam Button, head of currency strategy at Forexlive.com, said that gold holding above the psychologically important $3,000 level after a strong rally was a very encouraging sign. According to him, the recent profit-taking was just a normal market reaction after a series of consecutive gains.

While gold is currently supported at $3,000 an ounce, the short-term outlook suggests it could move sideways for some time, Saxo Bank experts said. Investors are keeping an eye on the tariff announcement scheduled for April 2, as the decision could have a major impact on market sentiment.

The recent correction in gold prices follows a dramatic rally. Gold prices rose more than $170 an ounce from March 11 to its peak. The recent decline represents a roughly 29% retracement of the previous rally.

Geopolitical factors and trade risks support gold prices

Geopolitical tensions in the Middle East and Ukraine continue to maintain demand for gold as a safe haven asset. However, the possibility of the US administration adjusting tariffs on major partners such as Mexico, Canada and China risks escalating trade tensions.

Analysts warn that further tariffs could slow global economic growth, while a rebound in U.S. stocks, which are up about 1%, could also put further downward pressure on gold prices.

Important level of technical support

Technically, the first key support level for gold futures lies around $2,970/ounce, which corresponds to previous price peaks before the sharp drop to $2,844 on February 28.

Amid economic uncertainty, investors continue to closely monitor trade policy announcements as well as the strength of the US dollar.

The ability to maintain the price around $3,000 will be the key factor in determining the short-term trend of gold in the coming time.

Source: https://baoquangnam.vn/chuyen-gia-nhan-dinh-xu-huong-gia-vang-tang-van-ben-vung-3151403.html