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Gold Price Forecast – Gold Gets Hammered After Tariffs

By:
Christopher Lewis
Published: Apr 3, 2025, 14:26 GMT+00:00

The gold market has been crushed in the early hours of Thursday, as traders continue to react to the latest tariff headlines. As traders pile into the bond market, gold has suffered, perhaps offering a buying opportunity.

In this article:

Gold Markets Technical Analysis

The gold market initially did try to rally during the trading session on Thursday, but then just got hammered as traders are trying to sell anything and everything to cover rapidly accelerating losses. This does happen from time to time, but this doesn’t change the trend for gold overall. Quite frankly, I think the $3,000 level is probably the major floor in this market that you need to pay close attention to, as it has been so important in the past.

With that being said, I think you’ve got a situation where traders will continue to look at this through the prism of a market that, quite frankly, could see quite a bit of volatility, a lot of noise, a lot of covering, a lot of buying on the dip, perhaps. So, ultimately, I do like this market, but I think this is more or less a short-term cover margin issue in other parts of your portfolio situation. Bonds are getting bid very heavy, so that might be part of the problem as well. But it is more likely than not, only a matter of time before we see the gold market rally again.

I’m waiting to see maybe a hammer on an hourly chart or better yet a daily chart, somewhere above $3,000 to start buying again. The measured move from the bullish flag is $3,300. I have no reason to think that we won’t get there given enough time, although it could be a very noisy path to the upside. All things considered, I am still bullish overall.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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