Gold Strengthens Amid Tariff Drama
Gold prices rose sharply on Monday (February 23rd), hitting a three-week high, as the US dollar weakened following the US Supreme Court's ruling invalidating most of Trump's tariff scheme. Meanwhile, US gold futures contracts strengthened further, reflecting investors' shift to safe-haven assets as the direction of US trade policy re-emerged in uncertainty.
In addition to the dollar, demand for safe-haven assets also remained strong amidst lingering geopolitical tensions, including the US-Iran issue, although the market also weighed signals that diplomatic channels were still open. Meanwhile, expectations of a Fed interest rate cut in 2026 also provided a cushion, as gold tends to benefit from lower interest rate prospects.
The gold price at the time of this analysis is $5,155
- Buy if the price moves within the $5,169 range
- Sell if the price moves within the $5,145 range
Resistance 2: $5,208
Resistance 1: $5,184
Support 1: $5,136
Support 2: $5,112
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id