Gold trades sideways amid tarrif uncertainty, geopolitical tension
|Gold prices have remained range bound as markets continue to monitor events that could spark further price movement. Earlier this week, the precious metal received influx of buyers after the US President Donald Trump imposed a 15% tariff on certain countries. This came after a Supreme court ruled against Trump administration’s tariff, citing that he did not have the authority to issue such levies. In addition to that, the ongoing discussion between the US and Iran will proceed today February 26, 2026 at Geneva, sending caution to the market. The 2 nations will try to avoid conflict by negotiating a deal as regards Iran’s nuclear enrichment programme.
Technical outlook
Gold prices still remains bullish following its reconfirmation of the $5000 price handle. In what looks like a range bound market after hitting $5250 earlier this week, the price has struggled to gain traction with an attempt towards a downward move after testing the $5121.92 support.
The price is currently experiencing a slight pullback with the near-term support around $5151.14 set to sustain further price appreciation after holding up recently. Failure to keep the price from dropping further could see the price make a move towards the $5121.92 support which has kept the price in the current range. Any rebound from any of the levels could see the price aim for the near-term resistance at $5212.86, with the next resistance level at $5250. A clear breakout to the upside will expose the $5500 handle.
On the flip side a clear break to the downside from the current price range could see the price test the turncoat support at $5092.6 with the $5000 price handle once again exposed. Resistance levels that could sustain the price pressure are at $5212.86 and $5250.
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