GOLD - USD - Gold - DAILY- 17/03/2025 - 03/17/2025 (GMT)

Gold prices have risen to around $2,985 in Monday's early Asian session, driven by economic uncertainty, the ongoing US-led tariff war, and geopolitical risks. The escalating trade war between the US and its major trading partners, along with a softer US Dollar, is contributing to the strength of the gold price.The gold market remains strong due to geopolitical uncertainty and ongoing tariff changes, with central banks adding significantly to their gold reserves to diversify their assets and improve the perceived strength of their economies.
 From a technical point of view, the price of gold has broken above the rangebound channel that was formed in the past month and is currently testing the resistance of the upper band of the Bollinger bands. The 50-day moving average moving average is trading well above the 100-day moving average validating the overall bullish trend in the market. The Stochastic is in the extreme overbought levels hinting that there might be a minor bearish correction but that might not be very significant given the bullishness of the market. All in all no major signs of bearish movement apart from the Stochastic so the most probable scenario for the near short term might be leaning more towards the continuation of the bullish trend .