Gold prices continue to strengthen amid trade war concerns, weaker USD
Gold prices continued to strengthen in response to higher US consumer inflation figures and gained positive traction for the second straight day on Thursday. The momentum lifted the precious metal to $2,920 during the Asian session and was supported by a combination of factors.
Investors remain concerned that US President Donald Trump’s new levies on commodity imports and reciprocal tariffs will trigger a global trade war, which continued to support Gold prices as a safe-haven asset. Moreover, the emergence of fresh US Dollar (USD) selling provided additional support to the bullion and contributed to the rally.
Until this news was released, the price of gold was at $2,913
RECOMMENDATIONS
- Buy if the price moves to $2,905
- Sell if the price moves to $2,920
Resistance Level 2: $2,935
Resistance Level 1: $2,925
Support Level 1: $2,900
Support Level 2: $2,880
Note:
This article is just an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.