The price of gold settles at a high level and awaits the next Trump step

The price of gold maintained its stability at a high level amid speculation that US President Donald Trump was canceled, at least customs duties on cars related to the free trade agreement, according to the American FX Street platform.

The price of gold swings

However, the uncertainty is still standing as gold prices swing around the level of $ 2910.
Gold prices have increased so far this year by 11 %, after increasing by 27 % the previous year 2024.
Gold continues to be recovered after the short movement that he witnessed last week.

Support of gold climbing

After the gold price touched the level of $ 2950 in the last week of February, the decline led to a decrease in the price to the level of 2850 dollars, but buyers supported prices, and the test of the level of $ 2950 again is still very possible.

Gold and job report

On the data level, the ADP job report revealed that the employment in February slowed sharply compared to the January numbers.
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Meanwhile, according to the latest purchasing manager index for the services sector issued by the Institute of Supply Management for February, companies continued to expand in a healthy way. Nevertheless, fears of the acceleration of inflation remained a list where prices jumped above the level of 60 points indicating that producers are paying higher prices, which may fuel a second round of inflation.
American data also sparked fears of stagnation. The GDP model issued by the Federal Reserve in Atlanta will expect that the GDP will reach the first quarter of 2025 -2.8%, a decrease from 1.6% expected on Monday.

Technical gold expectations

Gold prices settled on Wednesday after recording two consecutive days of climb.
However, the momentum has turned into the bullish direction where the RSI is to the height.
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Accordingly, the next gold resistance line may be at $ 2950 an ounce, followed by the highest standard level of $ 2954. The penetration of this level may lead to a level of $ 3000.
On the other hand, the daily closure below $ 2,900 may endanger the upward trend and open the door to a “healthy” decline.
Accordingly, the first support for gold will be at the lowest level reached by the metal on February 28 at 2832 dollars, followed by the level of 2800 dollars.