Gold remains steady above $3,000 in Asia

Gold prices are trading modestly above $3,000 as traders digest mixed economic signals. After a three-day decline, gold has gained some traction, supported by a weaker US dollar and speculation that the Federal Reserve may start cutting interest rates again soon. The US dollar has struggled in recent sessions, slipping from a three-week high. This decline comes after the release of a strong US Composite PMI report, suggesting a more stable economic outlook. Additionally, concerns about US tariffs impacting economic growth have contributed to a more positive sentiment for gold. Globally, hopes for less strict US trade tariffs, ongoing peace talks between Russia and Ukraine, and China's stimulus measures are bolstering risk appetite among investors. These factors might limit gold’s upside potential as traders are more optimistic about the economic outlook. Technical analysis shows that gold remains resilient above the key support level of $3,000. Analysts note that if gold falls below this point, it could trigger further selling pressure. Conversely, if prices rise above $3,033, this could lead to more gains, with an all-time peak close to $3,058 from last week. Investors will be watching for US economic data releases today, including consumer confidence and new home sales, which could impact market sentiment. Attention will also be on upcoming speeches from Federal Reserve officials for more insights into future monetary policy. Overall, while gold has some support, market dynamics may limit its gains in the near term.