Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Precious Metal»Gold locks in weekly loss despite bullish calls for $3,000 in the medium term
    Precious Metal

    Gold locks in weekly loss despite bullish calls for $3,000 in the medium term

    February 28, 20253 Mins Read


    • US President Trump reiterated overnight Mexico and Canada tariffs will go into effect on March 4.
    • US PCE data for January was no surprise for markets.
    • Bullion is not considered a safe haven should a tit-for-tat war take place, although US yields are dropping off further. 

    Gold’s price (XAU/USD) is getting knocked out and is facing a substantial 3% loss since it printed a new all-time high at $2,956 on Monday at the start of this week. The precious metal currently trades at $2,860 at the time of writing, after United States (US) President Donald Trump reiterated that tariffs for Mexico and Canada will start on March 4, while China will see an additional 10%, raising the total rates to20% on imports into the US. This dampens hopes markets still had for a possible delay in the implementation of these tariffs. 

    Meanwhile, the US Personal Consumption Expenditures (PCE) numbers are out of January. No outside surprises with the monthly core PCE reading ticking up to 0.3% from 0.2%, as expected. The headline PCE reading came in at 0.3%, unchanged against the December number.  

    Daily digest market movers: March nearing

    • Gold ETF’s (Exchange Traded Fund) are the sweet spot in China this year. Funds are swelling as the metal sets records, investors seek alternative assets, and local rules are tweaked to allow greater access. Onshore fund holdings increased by 17.7 tons in the first three weeks of February, close to the monthly record inflow of 20.9 tons set last October, according to data from the producer-funded World Gold Council, Bloomberg reports. 
    • In early European trading, the risk-off mood this Friday is seeing deep losses with indices in Asia booking multiple percentage losses near their closing bell. European ones are facing losses of over 1% intraday. 
    • The CME Fedwatch Tool sees chances for a June rate cut increase even further than Thursday. Odds are growing to a 71.8% chance approx for a rate cut against only 28.1% for keeping rates unchanged. 

    Technical Analysis: Unable to recover this week

    The signs projected earlier this week are being proven right on Friday, with a near 3% loss in the precious metal so far this week. However, the fundamentals still look good for more upside in Gold, with tariffs still being a main theme and not just a one-off event. Look to support levels such as $2,790 to be ready and buy back in large amounts to participate in the next rally. 

    On the upside, the daily Pivot Point at $2,888 is the main level to look out for as resistance in the short term. That is just below the $2,900 big figure, and the daily R1 resistance at $2,909 is also in place. Thus, some chunky resistance makes recovering back to R2 resistance at $2,941 nearly impossible this Friday. 

    On the downside, vigilant Bullion buyers will surely be happy to pick up some Gold at interesting support levels. The S1 support at $2,856 looks rather feeble for now. Look to S2 support at $2,835 for broad support, ahead of $2,800 round level and $2,790. Indeed, that last level should see many buy orders waiting to be filled. 

    XAU/USD: Daily Chart

    XAU/USD: Daily Chart

     



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Gujarat emerges as India’s copper hub, amid soaring demand from sunrise sectors – Industry News

    Precious Metal

    Gold, Silver prices dip this week, but long-term outlook remains bullish

    Precious Metal

    Bundesbank weighs abandoning Frankfurt headquarters

    Precious Metal

    How to get the Gold Beanstalk in Grow a Garden

    Precious Metal

    Morocco Strategic Minerals Reports High Copper Values at Tifernine

    Precious Metal

    Electrical pulses boost copper’s efficiency in turning CO2 into ethylene, ethanol fuels

    Precious Metal
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    Floundering Crypto Miners Look For AI Company Lifelines

    Commodities

    Retaliatory Tariffs Placed on Agricultural Goods | Newsline

    Cryptocurrency

    Decrypt hires Napolitano to cover cryptocurrency

    Editors Picks

    Gold holds steady amid US–China talks and China’s continued buying

    June 9, 2025

    les fondamentaux de l’or restent bons

    September 4, 2007

    US Stock Futures Trim Weekly Drop; Treasuries Gain: Markets Wrap

    October 25, 2024

    The Most Explosive Week For Commodities Is Here – Will You Capitalize?

    July 28, 2025
    What's Hot

    Property For Industry annonce un dividende trimestriel et relève ses prévisions pour l’exercice 2025

    May 8, 2025

    ATS Travel to accept crypto currency as form of payment

    March 17, 2025

    No indexation for LTCG tax on property bought after July 23, 2024, is unfair; Will deter long term investment: View

    August 20, 2024
    Our Picks

    The illusion that property is a good investment

    July 28, 2025

    Gold Price Up 40% in One Year Amid Market Volatility

    July 12, 2025

    Lorraine. Silver économie : un business en or ?

    February 13, 2025
    Weekly Top

    Which Cryptocurrency Is More Likely to Be a Millionaire Maker? Dogecoin vs. Solana

    August 24, 2025

    Gujarat emerges as India’s copper hub, amid soaring demand from sunrise sectors – Industry News

    August 24, 2025

    Four quick and easy DIY tricks to boost your property value by nearly £30k

    August 24, 2025
    Editor's Pick

    UK Packaging Awards 2025 | Top ten metal packs announced

    August 18, 2025

    Bradford house fire: Murder probe launched | UK | News

    August 21, 2024

    Provincial government determining best ways to support regional agricultural societies – CentralAlbertaOnline.com

    August 11, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.