Today, gold is recovering most of its intraday losses, trading near the psychological level of $2800. This safe-haven asset remains close to the all-time high reached on Friday, continuing to find support amid concerns over the potential economic impact of the tariffs imposed by U.S. President Donald Trump.

Fears of a trade war are dampening investor appetite for riskier assets, providing a tailwind for gold prices as a safe-haven.

Additionally, speculation that Trump's protectionist policies could lead to rising inflation is reinforcing gold's status as a hedge against price increases. This suggests that the path of least resistance for gold remains upward.

However, the U.S. dollar has surged to near a two-year high in response to Trump's decision to impose tariffs on Canada, Mexico, and China. Expectations that the Federal Reserve might delay interest rate cuts this year—amid rising prices and a sharp increase in consumer spending—could also limit the upside for precious metals.

From a technical perspective, the intraday pullback found support around the $2772 level. This area now acts as a key support point: a break below could trigger technical selling, driving gold prices toward the next support zone at $2757.

A further correction could extend towards intermediate support at $2740, followed by the $2725–2720 level. A decisive break below $2700 may lead to deeper losses.

On the other hand, the $2790–2800 level now poses an immediate barrier ahead of the record high near $2818. Further buying could trigger bullish momentum and extend the recent uptrend, which began from the December lows.

Given that oscillators on the daily chart remain in positive territory and are approaching overbought conditions, traders with bullish positions should proceed with caution, as a correction could be imminent.