Gold is having a powerful rally today, up nearly $100 or 3.33% at $3,081.26. The intraday high reached $3,087.78, marking a $105.62 gain at session highs—surpassing the largest intraday gain ($102.48) since January 2016.

Today’s move comes after a sharp pullback from last Thursday’s high at $3,167.74, which saw gold drop as much as $211 to Friday’s low of $2,956.66. Price action was relatively flat yesterday, closing near $2,982.16, before today's surge fueled by safe-haven demand amid escalating trade tensions.

Technical perspective:

On the daily chart, the recent decline which bottomed on Monday found buyers near the 50-day moving average, which has served as a key support level. Notably:

• The last time gold traded below its 50-day MA was back on January 8, when the 50- and 100-day MAs were converging.

• The bounce from the low this week also held just above the 38.2% retracement of the rally from the December 18 low. That retracement level sits at $2,944.97, while Monday’s low came in at $2,956.66.

Since the December 18 low, gold has gained 22.56%, as capital continues to rotate into the metal on risk-off flows and macro uncertainty. Until the price was below the 50 day moving average and the 38.2% retracement level, the buyers are still in firm control.