Gold Down After Trump Tariffs
Gold (XAU/USD) prices moved lower to around $2,781 during the early Asian session on Monday (03/02). The yellow metal faced pressure from a stronger Greenback after US President Donald Trump imposed tariffs over the weekend.
On Saturday, Canada was informed that the United States would impose 25% tariffs on Canada and Mexico while China would be slapped with 10% tariffs. Canadian energy will be subject to a 10% tariff, according to CTV.
The tariffs will go into effect on Tuesday. Canada, Mexico, and China have vowed to respond to the new broad tariffs on their exports to the US announced by Trump. This, in turn, boosted the US Dollar (USD) across the board and dragged the prices of USD-denominated commodities lower.
RECOMMENDATION
- Buy if price moves to $2,786
- Sell if price moves to $2,776
Resistance Level 2: $2,800
Resistance Level 1: $2,793
Support Level 1: $2,769
Support Level 2: $2,762
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