Market Analysis for Today

Golds price (XAU/USD) is softening a touch to around $2,900 on Thursday, though a new all-time high above $2,956 could still be in the cards. Although there might be some easing for Canada and Mexico with a delay on car import tariffs into the United States (US), the reciprocal tariffs are still due to kick in as of April. This still supports safe haven inflow which is beneficial for the precious metal.

Meanwhile, the focus shifts this Thursday to Europe, where the European Central Bank (ECB) will deliver its interest rate decision, with market expectations for a 25 basis points (bps) rate cut. A high-stakes European meeting is set to take place as well, where EU leaders will decide on the defense spending package and the possibility of providing more aid to Ukraine.

Gold opened at around 2917 and rose to around 2917 at the highest and around 2912 at the lowest before press time.Pay attention to the resistance of 2930-2940-2950 If it fails to break through, it will test 2880-2870-2860