Watch These Gold Price Levels as Precious Metal Hits Record Highs Amid Tariff Uncertainty

Gold (XAUUSD) will remain in focus after surging to record highs last week as investors flocked to the safe-haven asset amid ongoing uncertainty over tariffs and their impact on the global economy.

The precious metal remains supported as concerns about an intensifying global trade war continue to place downward pressure on the dollar and Treasurys amid diminishing faith in the U.S. as a reliable trading partner. 

Gold’s price, which soared 6% last week and trades 23% higher since the start of the year, seesawed Sunday evening as investors digested news that recently announced U.S. tariff exemptions on smartphones, computers, and semiconductors could be temporary, with the president later pledging a national security trade investigation into the chip sector.

Below, we break down the price action on gold’s chart and identify key levels that investors may be watching out for amid the potential for another week of tariff-driven volatility.

Ascending Channel Breakout

After a brief retracement to the 50-day moving average and lower trendline of an ascending channel, gold’s price has continued its strong uptrend, breaking out above the pattern in Friday’s trading session.

However, despite the commodity’s move into price discovery mode, a bearish divergence has formed between the relative strength index (RSI) and price, indicating easing buying momentum.

Let’s apply technical analysis to gold’s chart, helping us identify a potential upside target to monitor and also identify several key support levels worth watching during pullbacks.

Upside Price Target to Monitor

Investors can forecast a potential upside target by applying the measuring principle, also known by chart watchers as the measured move technique.

When applying the analysis to gold’s chart, we calculate the distance between the ascending channel’s two trendlines and add that amount to Friday’s breakout point. For instance, we add $200 to $3,180, which projects an upside target of $3,380, about 4% above the commodity’s current trading levels.

Key Support Levels Worth Watching

The first lower level to eye sits around $3,170. This area on the chart may provide support near the early-April peak, which also marks the commodity’s former record high.

A close below this area could see the price revisit support at the $3,048 level. Investors may seek entry points in this location near a minor March peak that preceded a brief dip later that month.

The next lower level to watch lies at $2,955. The commodity could attract buying interest in this region near the early-April trough, which also closely aligns with the prominent February peak.

Finally, bullion bulls‘ failure to defend this level may trigger a more significant drop to around $2,858. Investors could look for buying opportunities at this location on the chart near the late-February pullback low.

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As of the date this article was written, the author does not own any of the above securities.