Gold prices continue to climb, reaching a new all-time high of around $2,858 amid renewed U.S.-China trade tensions and expectations of further Federal Reserve rate cuts. Safe-haven demand for gold remains strong as concerns over economic fallout from Trump’s tariffs persist. The weakening U.S. dollar, pressured by soft labor market data and Fed easing expectations, further supports gold’s bullish momentum. However, slightly overbought RSI conditions on the daily chart suggest caution, with the potential for near-term consolidation or a modest pullback. Despite Trump delaying tariffs on Canada and Mexico, risk-on sentiment has not significantly dented gold’s appeal. Traders now await key U.S. economic data, including the ADP employment report and ISM Services PMI, which could influence short-term price action. Looking ahead, Friday’s Nonfarm Payrolls (NFP) report and further tariff developments will be closely watched for market impact. From a technical standpoint, gold’s recent breakout suggests further upside potential, with support levels around $2,830 and $2,800, while a break below $2,772 could trigger deeper losses.


