#GoldTechnical Analysis#24K99 News, on Wednesday (March 19), during the Asian market session, spot Gold maintained its upward momentum, with prices just reaching $3039.04 per ounce, setting a new historical high. FXStreet's chief Analyst Valeria Bednarik wrote an article analyzing the technical outlook for Gold.

Bednarik pointed out that the escalating geopolitical tensions have boosted demand for Gold. With Gold prices hitting historical highs, the goal is to continue the upward trend. The focus is now shifting to the Federal Reserve's monetary policy statement.

Due to the heightened tensions in the Middle East and the trade uncertainties caused by President Trump's tariff plans, investor demand forsafe-haven assetspot Gold skyrocketed by $33.45 on Tuesday, up 1.1%, closing at $3033.92 per ounce.

Reuters reported from the United Kingdom that Israeli airstrikes have resulted in over 400 deaths in Gaza, threatening a ceasefire that has lasted for two months. During periods of economic or geopolitical instability, Gold is traditionally seen as a safe haven investment.

Meanwhile, President Trump proposed a series of U.S. tariff plans, including a uniform tariff of 25% on Steel and Aluminum (effective in February), as well as reciprocal tariffs and sector tariffs to be implemented on April 2.

Bednarik wrote that on Wednesday, the Federal Reserve will announce its monetary policy decision. Due to the uncertainty surrounding President Trump's trade war and its impact on the performance of the world's largest economy, it is widely expected that the Federal Reserve will maintain the benchmark interest rate at 4.25%-4.50%. Meanwhile, the Federal Reserve will also release the Summary of Economic Projections (SEP) or dot plot, which provides a new view on the overall state of the USA economy and the officials' targets for interest rate changes. Finally, Federal Reserve Chairman Powell will hold a press conference.

According to the CME Group's "FedWatch Tool", traders believe that the probability of the Federal Reserve lowering interest rates in June is close to 66%.

Short-term Technical Outlook for Gold

Bednarik wrote that Gold prices are trading near record highs, and the technical indicators on the daily chart show that the bullish trend will continue. DespiteRelative Strength Index (RSI) is at an overbought level, butTechnical Indicatorsit continues to move upward firmly, with no signs of upward exhaustion. Meanwhile, the price of Gold is far above all its moving averages, with the 20-day Simple Moving Average (SMA) recovering and currently around $2931 per ounce.

Bednarik added that recent prospects also support a continuation of the upward trend in Gold prices. On the 4-hour chart, the 20-period SMA is accelerating upward, far above the similarly bullish 100-period SMA and 200-period SMA. However, the 20-period SMA is around $2995 per ounce, which is well below the current Gold price level. Meanwhile, the momentum indicator has declined in the positive zone, while the RSI indicator is consolidating around 80. A corrective decline in Gold prices is possible, but buyers may look for opportunities to buy on dips.

(Spot Gold 4-hour chart Source: FXStreet)

Valeria Bednarik provided the latest important Support and Resistance levels for Gold prices:

Resistance: $3010.40 per ounce; $2996.90 per ounce; $2978.40 per ounce.

Resistance: $3040.00/ounce; $3055.00/ounce; $3070.00/ounce.

At 11:56 Peking time, spot Gold is reported at $3039.04/ounce.