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Safe-haven demand rebounds despite anticipation of the Fed meeting

Technical Analysis
By Mostafa Mahmoud
Safe-haven demand rebounds despite anticipation of the Fed meeting
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GOLD

الذهب 6-5-2025

Gold is trading around the resistance level of $3360, and this area is likely to limit the upward momentum during today’s trading session.

Support

 3280 3200 –
Resistance 3360 3465

–

Gold prices witnessed a notable increase, rising by 0.7% to reach $3,357.63 per ounce, driven by renewed demand for safe-haven assets amid escalating global trade tensions—especially following U.S. President Donald Trump’s announcement of a 100% tariff on foreign films, which added to market uncertainty.

This upward move comes after a period of price corrections in recent weeks, during which gold retreated from its record highs above $3,500 per ounce in April. Nevertheless, the outlook remains positive, with Goldman Sachs forecasting continued strong performance for gold, supported by ongoing central bank demand and growing concerns about a potential economic recession.

From a technical perspective, gold is showing signs of regaining its bullish momentum, as investors await the upcoming U.S. Federal Reserve decision on interest rates, which are widely expected to remain unchanged. Amid ongoing geopolitical and economic uncertainty, gold is likely to remain a preferred asset for investors seeking safety and a hedge against market volatility.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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