Gold Extends Gains on Trump’s First Day in Office
Gold (XAU/USD) prices were boosted by safe-haven inflows and surged above key technical resistance after US President Donald Trump confirmed that he intends to impose 25% tariffs on Canada and Mexico as early as February, as well as tariffs on Silver and Gold. China is not included in the direct levies, Bloomberg reported.
The possibility of Trump imposing tariffs on Silver and Gold has caused market uncertainty, pushing premiums for futures contracts higher. President Trump’s domestic agenda is the second major driver, which could extend Gold’s bullish momentum further and boost demand for haven assets.
Until this News was released Gold was at $ 2,743
RECOMMENDATION
- Buy if the price moves to $ 2,735
- Sell if the price moves to $ 2,725
Resistance Level 2: $ 2,765
Resistance Level 1: $ 2,753
Support Level 1: $ 2,735
Support Level 2: $ 2,730
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id