Gold Rises, Market Sentiment Calms After Trump Waives Tariffs
Gold prices strengthened on Tuesday (August 12th) after falling in the previous session, driven by investor focus on the release of US consumer inflation data, which will provide clues to the direction of the Federal Reserve's interest rate policy.
This increase occurred after US President Donald Trump confirmed that gold would not be subject to tariffs, easing market concerns following earlier reports that imported gold bullion could be subject to duties.
Trump also extended a trade truce with China for 90 days, just hours before the new tariffs took effect, reducing tensions between the world's two largest economies. Furthermore, the market is looking forward to Trump's meeting with Russian President Vladimir Putin on August 15th in Alaska to discuss a possible end to the war in Ukraine.
Gold prices at the time of writing were at $3,354/Toz.
- Buy if the price moves to around $3,361
- Sell if the price moves around $3,347
Resistance 2: $3,375
Resistance 1: $3,368
Support 1: $3,333
Support 2: $3,340
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
