Gold snaps winning streak and dips on Friday’s Quadruple Witching

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Gold moves away from the $3,050 mark and heads to $3,030 in the European trading session on Friday. 


Traders are cautious as geopolitical turmoil and trade war fears still present.


Gold expected to remain supported above $3,000 and keep a new all-time high in reach. 


Gold’s price (XAU/USD) is dipping lower and sees its second day of profit-taking while the weekly performance is still positive. The precious metal trades around $3,030 at the time of writing on Friday after reaching a fresh all-time high at $3,057 the previous day. This downside move should not come as a surprise with Quadruple Witching taking place. Quadruple Witching is an event in financial markets when four different sets of futures and options expire on the same day, and investors need to decide whether to sell and buy back their positions or just sell them.


Meanwhile, on the geopolitical front, tensions remain in Gaza and Turkey. Later during the day,  markets will brace for comments on tariffs from United States (US) President Donald Trump, as announced reciprocal tariffs will come into effect on April 2 and might shake up markets. 


Daily digest market movers: Pension funds delight


  • Gold has climbed 16% this year in a rally that has produced 15 all-time highs in 2025, extending last year’s strong gains as investors seek safety. Geopolitical conflicts in the Middle East and Ukraine have bolstered the precious metal’s appeal. Several major banks have raised their price targets for bullion in recent weeks, with Macquarie Group forecasting it could rise as high as $3,500 an ounce, Bloomberg reports. 


  • An example of how not only traders enjoy the Gold’s rally comes with numbers from the Ontario Teachers’ Pension Plan. The pension fund gained 9.4% last year, driven by strong returns in stocks, venture growth and commodities. The performance boosted the fund’s net assets to $185.2 billion at the end of 2024, according to a statement Thursday, Bloomberg reports.


  • Indonesian mining Stocks tumbled on Friday after the government signaled it was pushing forward with plans to hike royalties paid by producers in a bid to bolster public finances, Reuters reports. The local industry index for miners, including PT Vale Indonesia and PT Merdeka Copper Gold, fell as much as 3.2%, the biggest slide since the plan was first proposed at the start of last week.


Technical Analysis: Window of opportunity


The quadruple witching this Friday offers traders and funds a window of opportunity to take some profit from the precious metal. Big volumes will be traded, which means market participants are less exposed and it is not likely that expiring contracts will result in sales. At the end of this Friday, the question remains about how many contract holders in Bullion will have rolled over their contracts at current elevated prices. 


Regarding technical levels, the intraday Pivot Point at $3,042 is the first resistance to recover, followed by the new all-time high at $3,057 reached on Thursday. The next target is the R1 resistance at $3,059, just below the $3,060 round number. If the last one is broken, then R2 resistance comes in at $3,074. 

On the downside, the S1 support at $3,027 is doing its job for now during the European trading session, seeing some buyers coming in just below that level. In case more selling pressure should occur, look for the S2 support at $3,011 and the $3,000 round number to try and avoid a sharp correction. 


XAU/USD: Daily Chart

XAU/USD: Daily Chart

Read more

  • Gold draws support from safe-haven flows and Fed rate cut bets
  • USD/CAD Price Forecast: Eyes fresh six-month highs near 1.4150 within overbought zone
  • * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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