Gold Falls, Market Tests Direction of US Tariffs
Gold prices fell on Tuesday (February 24th) after rising for four consecutive days. This correction occurred as market participants reassessed the risks of the latest US tariffs and lingering geopolitical uncertainty. The Trump administration is attempting to revive the global tariff agenda following last week's Supreme Court ruling overturning many of the duties imposed last year. The administration announced new 10% tariffs that took effect Tuesday, and Trump later threatened to increase them to 15%.
Geopolitically, market attention remains focused on the US-Iran talks, scheduled to resume on Thursday. Trump stated that he prefers a negotiated settlement, but also warned of serious consequences if a nuclear deal is not reached—maintaining defensive demand despite today's gold price correction. (alg)
Gold price at the time of this analysis was $5,188
- Buy if the price moves below $5,191
- Sell if the price moves below $5,185
Resistance 2: $5,200
Resistance 1: $5,194
Support 1: $5,182
Support 2: $5,176
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