Gold prices skyrocket and continue to set new record highs

Demand for gold as a hedge against risk continues to remain high, pushing gold prices up sharply. The most recent gold price traded at $3,155.90, up $41.60 from the previous session. Meanwhile, silver futures for May delivery also rose slightly to $34.87 an ounce.

Risk aversion is gripping the market as today is the last trading day of the month and the quarter. Many investors are concerned about the outlook for global economic growth, especially as the US prepares to impose new trade tariffs on April 2. According to Barron's, the new tariffs proposed by Mr. Trump are becoming a "nightmare" for the stock market.

Asian and European stock markets fell across the board overnight. US stocks also opened this morning in a clear downtrend, falling to a multi-month low in New York.

Other major financial markets also saw notable moves. The US dollar weakened slightly, while crude oil traded around $69.75 a barrel. The yield on the 10-year US Treasury note is currently at 4.192%.

Gold prices rose sharply overnight, buoyed by safe-haven buying. Some reports said Goldman Sachs predicted that gold prices could surge to $4,500 at some point this year if the unrest continues to escalate.

In Europe, experts warn that credit spreads between countries – which have been relatively stable – could widen significantly if the global tariff war continues to escalate.

In the US, a number of economic reports are due on Monday, including the Chicago ISM business survey and the Texas manufacturing outlook, data that could influence investor sentiment in the short term.

Technically, the trend in June gold futures remains very positive. Bulls have a clear advantage. The next target for buyers is to push prices up and close above the key resistance level at $3,200/ounce.

Conversely, if the price declines, the technical support level to watch is $3,031/ounce. Currently, the nearest resistance level is $3,124.40, followed by $3,150.

The nearest support level is at $3,096.30 and then at $3,075. Gold's market strength index is very high at 9.5 points (out of 10).

For May silver futures, the bullish trend has also been maintained over the past three months, with silver bulls targeting a close above strong technical resistance at the October 2024 high of $35.80 an ounce.

Conversely, if the price declines, the key support level is $33.165. The immediate levels to watch are resistance at $35.495 and $35.80, support at $35.00 and $34.56. Silver’s current strength index is 7.5.

Source: https://baoquangnam.vn/gia-vang-tang-vot-va-tiep-tuc-lap-dinh-ky-luc-moi-3151841.html