Gold pulled back towards the $3400 level after testing the psychologically important $3500 level. The nearest support level for gold is located in the $3350 – $3360 range. A move below the $3350 level will push gold towards the next support at $3235 – $3245.
Gold shines in chaos—but is a correction coming? Top voices from Jefferies to Enam weigh in on what’s next for the yellow metal.#GOLD #SpotGold pic.twitter.com/nCBd0pvP9e
— ET NOW (@ETNOWlive) April 22, 2025
Silver continues its attempts to settle above the resistance level at $33.00 – $33.20. In case silver climbs above $33.20, it will move towards the next resistance at $34.40 – $34.60. Platinum is losing ground after an unsuccessful attempt to settle above the resistance at $960 – $965.
#NewsFatafat | Global Commodities Update:
🟡 Gold hits a fresh record near $3500/oz as fears of Powell’s ouster spark flight from US assets.
🪨 Iron ore resumes slide on concerns over Trump’s trade war impact on global growth.
🟠 Copper rises over 1% as weaker dollar boosts… pic.twitter.com/C4SDHu2CTk
— ET NOW (@ETNOWlive) April 22, 2025
A move below the $945 level will push platinum towards the nearest support at $930 – $935.
#Commodities comment: #Gold slumped 5% from Tuesday’s record peak at USD 3,500 before temporarily rebounding during the overnight session, once again confirming Asia as the current centre for gold demand. The selloff was triggered by several pushbacks from the US administration,…
— Ole S Hansen (@Ole_S_Hansen) April 23, 2025
During Wednesday’s Asian trading hours, gold (XAU/USD) stabilized around $3,320, bouncing back from earlier losses as investors maintained expectations for interest rate cuts by the U.S. Federal Reserve. Market pricing now reflects three potential rate cuts in 2025, with the first possibly arriving as early as June, according to the CME FedWatch Tool.
These dovish bets have bolstered demand for gold, which benefits from lower yields due to its non-interest-bearing nature. Silver (XAG/USD) mirrored gold’s strength, hovering around $32.70 after hitting an intraday high of $32.86. A falling U.S. Dollar Index, now near a three-year low, has made dollar-denominated metals more appealing to global investors.
Despite a more positive global equity tone, silver continues to find support from both safe-haven flows and solid industrial demand. While geopolitical sentiment has improved—following de-escalation signals in Eastern Europe and softer U.S. rhetoric on trade and Fed policy—investors remain cautious.
Potential support levels for gold
Markets reacted positively to President Trump’s apparent reversal on removing Fed Chair Powell and to constructive dialogue around U.S.-China tariffs. However, gold’s safe-haven appeal endures amid fiscal uncertainties and questions over the Fed’s independence. Looking ahead, flash PMI releases across major economies are expected to shape sentiment.
Any disappointing data could accelerate calls for easing and push gold and silver prices higher. Despite reduced immediate risk aversion, both metals remain strategically positioned as hedges against deeper economic and monetary instability. Gold has been on a significant rally over the past two weeks, reaching a record high of $3500 during Asian trading today.
This remarkable peak prompted some investors to take profits, which led to a decline in gold prices to $3373 during U.S. trading. Despite this $130 drop, gold remains $50 higher for the week. The current chart suggests potential for more profit-taking, which could result in gold falling to $3150 and potentially retesting the early-April high.
This would be the first level of support, followed by $3000. For gold prices to rise past the recent high, progress in reversing trade tensions might be necessary, likely in the form of deals eliminating tariffs and providing market certainty. The upcoming Asian trading session will be crucial.
Asia has been the primary source of gold purchases this year, and it will be important to see if buyers in the region purchase the dip. Should Asian bids fail to materialize, further selling could be expected in North America tomorrow.