Gold Overview
On Tuesday, lingering concerns over economic slowdown due to Trump’s tariff policies, coupled with a weaker dollar, fueled a rebound in gold. Prices briefly surged to $2,922.09 before closing at $2,915.32 per ounce, up 0.97%.
Market anxiety increased after President Trump announced a 25% tariff hike on Canadian steel and aluminum imports, set to take effect on March 12. However, later reports suggested the US had not yet signed the official tariff order, and White House trade adviser Peter Navarro later clarified that the 50% tariff would not be imposed on March 12.
Additionally, news of progress in US-Ukraine-Saudi peace talks somewhat dampened safe-haven demand for gold. A joint statement confirmed Ukraine’s willingness to accept a 30-day ceasefire proposal, pending Russian compliance. The US also agreed to resume intelligence sharing and security assistance to Ukraine.
Investors are now eyeing the upcoming U.S. February CPI report, with expectations of a 2.9% YoY increase and a 0.3% MoM rise. Updates on Trump’s trade policies and geopolitical developments will also remain key market drivers.
Gold – Technical Analysis
Gold saw a strong rebound after testing support at $2,880, surging past the $2,900 level and hitting an intraday high of $2,922 before consolidating. The daily chart shows a bullish engulfing pattern, suggesting continued upside, with key resistance at $2,930 and crucial support at $2,880.
Gold – Today’s Outlook
- Primary strategy: Buy on dips, sell on rallies.
- Key resistance levels: $2,925–$2,930
- Key support levels: $2,900–$2,895
Crude Oil Overview
Crude oil prices edged higher as the US Department of Energy maintained its 2025 Brent crude price forecast, improving market sentiment. However, ongoing concerns about demand growth limited gains. WTI crude settled at $66.25 per barrel (+0.33%), while Brent crude closed at $69.56 per barrel (+0.40%).
The Energy Information Administration (EIA) reiterated its forecast of Brent crude averaging $74 per barrel in 2025 and raised its 2026 estimate from $66 to $68 per barrel. Meanwhile, a weaker dollar made oil more attractive to overseas buyers, offering short-term support.
However, API data released early Wednesday put downward pressure on oil prices, revealing a larger-than-expected crude inventory build of 4.25 million barrels, well above the forecasted 2.03 million barrels. Investors now await the official EIA stockpile data for further cues.
Crude Oil – Technical Analysis
Oil found support at $65 before rebounding, but the rally stalled near $67. The daily chart suggests continued downside pressure, with the next major resistance at $68. A break below $65 could trigger further declines.
Crude Oil – Today’s Outlook
- Primary strategy: Sell on rallies, buy on dips.
- Key resistance levels: $68.0–$68.5
- Key support levels: $65.5–$65.0
Risk Disclosure
Securities, Futures, CFDs and other financial products involve high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding your initial investment could incur within a short period of time.
Please make sure you fully understand the risks of trading with the respective financial instrument before engaging in any transactions with us. You should seek independent professional advice if you do not understand the risks explained herein.
Disclaimer
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
The above information should not be used or considered as the basis for any trading decisions or as an invitation to engage in any transaction. Doo Prime does not guarantee the accuracy or completeness of this report and assumes no responsibility for any losses resulting from the use of this report. Do not rely on this report to replace your independent judgment. The market is risky, and investments should be made with caution.
