Gold Bulls Aim For $3,150: Can The Precious Metal Reach There?

Gold prices are hovering astir the $3,022 people connected Monday arsenic prices stay unchangeable successful the past 3 trading sessions. The XAU/USD index could spot insignificant corrections arsenic commodity investors indulge successful sell-offs and nett bookings. The precious metallic has spiked astir 16% year-to-date and is among the top-performing assets successful the broader commodity markets.

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Source: TradingView

Bulls are connected the driver’s spot with bears experiencing atrocious trading sessions timing the golden prices. The surge successful worth has been dependable arsenic the precious metallic sustainably scaled up successful the indices. With the US dollar declining successful worth and the DXY index falling to 103.80 level, golden is gaining successful the charts.

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Gold: Bulls Target $3,150

Source: iStock

The US dollar’s dip has helped golden to support a affirmative momentum and the uncertainties connected tariffs person pushed its terms higher. “This dollar weakness has helped stabilize golden prices pursuing the caller retreat, offering short-term enactment astir the $3,000 level,” said FX Empire expert James Hyerczyk. “A softer dollar typically supports golden by making it much affordable for overseas buyers,” helium noted.

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“Gold prices are holding dependable astatine the commencement of the week, pausing aft past week’s crisp two-day pullback,” Hyerczyk wrote. “Monday’s commercialized remains confined wrong Friday’s range, signaling indecision arsenic traders await caller catalysts. The precious metallic remains successful a broader uptrend, but near-term correction risks persist, particularly with cardinal macro information and tariff-related headlines connected the horizon.”

“Markets stay alert to imaginable economical fallout from U.S. President Donald Trump’s projected tariffs, acceptable to instrumentality effect connected April 2,” helium wrote. “While Trump hinted astatine imaginable flexibility, concerns stay that retaliatory measures could stoke ostentation and dilatory economical growth. Analysts suggest that a much assertive tariff stance could propulsion golden toward the $3,100 level, portion a little terrible result whitethorn unfastened the doorway for little dips beneath $3,000,” helium summed it up.