From a technical perspective, the minor range between $2,999.46 and $3,149.09 puts the pivot at $3,074.28. That level serves as the first downside target if momentum stalls. A break below $2,999.46 would shift the near-term trend lower, potentially triggering a pullback toward the 50-day moving average at $2,925.44, which remains major support.
Macro Data and Fed Policy in Focus
Traders are also watching closely for upcoming U.S. economic data. The ADP private payroll report and Friday’s non-farm payrolls release could provide fresh signals on labor market strength and influence expectations around the Federal Reserve’s next move.
The Institute for Supply Management’s latest manufacturing survey revealed contraction in March, adding to concerns about economic cooling. UBS maintains a $3,200/oz base case for gold, but sees potential for $3,500/oz if economic conditions deteriorate further.
Gold Prices Forecast: Bullish Outlook Remains Intact
With geopolitical uncertainty elevated and economic data flashing warning signs, gold remains in a favorable position. A confirmed breakout above $3,149.09 would open the door for further gains, while only a decisive break below $2,999.46 would suggest a deeper correction. Until the Fed signals a hawkish turn, the bullish case for gold prices remains well-supported.
