The red pointer is typically the limit or danger point. Used for a quick visual reference when approaching a preset warning point. It's appears to be arranged so that it could be used for either scale. Pressure being the one I think would be more apt to be exceeded.
It appears to be pointing at a logical max. pressure limit of about 29 PSI.
While the actual reading is about 13 PSI.
Temperature appears to be at what could be your low limit, of about 160 degrees F.
EDIT: If you look closely, I believe you'll see that the red needle is capable of being rotated manually using that screwdriver slot at its pivot point. I suspect the installer of the boiler set that initially.