Gold is struggling to find solid support or build momentum above the $5,200 level, although it continues to hold close to the February high. Geopolitical tensions remain in focus amid the increased presence of U.S. forces in the Middle East ahead of the third round of U.S.–Iran nuclear talks on Thursday.

Despite hawkish assessments from the U.S. Federal Reserve and favorable economic indicators released on Tuesday, investors remain highly cautious due to renewed concerns surrounding President Donald Trump's trade agenda. In particular, the minutes of the January FOMC meeting revealed that several Fed officials see no justification for further easing until there are signs of resumed disinflation.

Additionally, recent comments from key Fed members indicate that the U.S. central bank does not intend to rush into rate cuts in the coming months amid persistently elevated inflation. On Tuesday, Boston Fed President Susan Collins emphasized the appropriateness of keeping rates within the current range for some time. Meanwhile, Richmond Fed President Thomas Barkin noted that monetary policy is "well positioned" to address risks related to the economic outlook.

On the data front, the Conference Board Consumer Confidence Index rose to 91.2 from January's revised 89.0 (previously 84.5). However, U.S. dollar bulls are struggling to gain traction, and their buying activity remains limited as concerns over uncertainty surrounding Trump's global tariff policy persist.

On Tuesday, the United States imposed a 10% tariff on all goods without exceptions, as originally announced by Trump on Friday following the Supreme Court's decision against his sweeping tariffs. In his State of the Union address to Congress, Trump stated that the White House is moving toward raising tariffs to 15%, heightening fears of retaliatory measures and economic costs stemming from disruptions in global supply chains. This further weakens the U.S. dollar, giving gold an additional boost.

At the same time, the generally positive sentiment in equity markets could limit aggressive buying in XAU/USD and restrain further gains.

From a technical perspective, on Tuesday the precious metal showed resilience below $5,100 — a key horizontal support level that serves as a pivot point. The subsequent rebound favors bullish positions and suggests that the path of least resistance for gold is to the upside. This positive outlook is reinforced by XAU/USD holding above the ascending 200-period simple moving average, signaling an overall uptrend.

Oscillators remain in positive territory, confirming the bullish forecast.