GOLD skyrocketed, Trump's influence provided strong support
In the Asian market today, Tuesday, January 21, influenced by Trump's tariff comments that stimulated risk aversion, 
XAUUSD suddenly jumped to 17 USD in the short term and are currently approaching the mark of 2,725 USD/ounce.
Trump was sworn in as the 47th President of the United States in the Oval Office of the Capitol.
US President Trump recently announced that he plans to impose tariffs on Mexico and Canada no later than February 1, possibly up to 25%, and reiterated his view that the two neighboring countries America's neighbors are allowing illegal immigration and drugs into the United States.
Complaining about fentanyl and migrants crossing the northern U.S. border, Trump called Canada a “very bad abuser” and said the target date for tariffs would be “I think February 1st. "
Trump made the remarks shortly after returning to the Oval Office to sign a series of executive orders. The executive orders cover everything from regulation to energy to immigration.
This is an early sign that Trump has increasingly focused on trade since taking office. These comments have stimulated risk aversion in the market to increase rapidly. Not only did gold strengthen, but the safe-haven Dollar also increased strongly. Impacting the market, we can see that recently both gold and Dollar, which have a negative correlation, have increased in price together.
Trump's sweeping trade tariffs are expected to spur further inflation and spark a trade war, which could increase gold's safe-haven appeal.
Analysis of technical prospects forXAUUSD
On the daily chart, gold has approached the $2,725 level that was the initial upside target noticed by readers in the previous issue, followed by the $2,730 price point of the 0.236% Fibonacci retracement.
Technically, gold still has all the conditions for price increases with the trend being noticed by the green price channel, main support from EMA21 and the nearest support is the 0.382% Fibonacci retracement level.
Meanwhile, the uptrend of the Relative Strength Index also creates an uptrend and is still quite far from the overbought level, showing that there is still wide room for price growth ahead.
Moving forward, the technical outlook for gold remains bullish and notable levels are listed below.
Support: 2,700 – 2,693USD
Resistance: 2,725 – 2,730 – 2,750USD
SELL XAUUSD PRICE 2746 - 2744⚡️
↠↠ Stoploss 2750
→Take Profit 1 2739
↨
→Take Profit 2 2734
BUY XAUUSD PRICE 2684 - 2686⚡️
↠↠ Stoploss 2680
→Take Profit 1 2691
↨
→Take Profit 2 2696
XAUUSD suddenly jumped to 17 USD in the short term and are currently approaching the mark of 2,725 USD/ounce.Trump was sworn in as the 47th President of the United States in the Oval Office of the Capitol.
US President Trump recently announced that he plans to impose tariffs on Mexico and Canada no later than February 1, possibly up to 25%, and reiterated his view that the two neighboring countries America's neighbors are allowing illegal immigration and drugs into the United States.
Complaining about fentanyl and migrants crossing the northern U.S. border, Trump called Canada a “very bad abuser” and said the target date for tariffs would be “I think February 1st. "
Trump made the remarks shortly after returning to the Oval Office to sign a series of executive orders. The executive orders cover everything from regulation to energy to immigration.
This is an early sign that Trump has increasingly focused on trade since taking office. These comments have stimulated risk aversion in the market to increase rapidly. Not only did gold strengthen, but the safe-haven Dollar also increased strongly. Impacting the market, we can see that recently both gold and Dollar, which have a negative correlation, have increased in price together.
Trump's sweeping trade tariffs are expected to spur further inflation and spark a trade war, which could increase gold's safe-haven appeal.
Analysis of technical prospects for
XAUUSD On the daily chart, gold has approached the $2,725 level that was the initial upside target noticed by readers in the previous issue, followed by the $2,730 price point of the 0.236% Fibonacci retracement.
Technically, gold still has all the conditions for price increases with the trend being noticed by the green price channel, main support from EMA21 and the nearest support is the 0.382% Fibonacci retracement level.
Meanwhile, the uptrend of the Relative Strength Index also creates an uptrend and is still quite far from the overbought level, showing that there is still wide room for price growth ahead.
Moving forward, the technical outlook for gold remains bullish and notable levels are listed below.
Support: 2,700 – 2,693USD
Resistance: 2,725 – 2,730 – 2,750USD
SELL XAUUSD PRICE 2746 - 2744⚡️
↠↠ Stoploss 2750
→Take Profit 1 2739
↨
→Take Profit 2 2734
BUY XAUUSD PRICE 2684 - 2686⚡️
↠↠ Stoploss 2680
→Take Profit 1 2691
↨
→Take Profit 2 2696
Note
Spot gold reached 2,750 USD/ounce, up 0.19% on the day.Note
Note
Gold weakened to 2,751 USD/ozNote
The US Dollar Index DXY fell below 108, down 0.23% on the day.
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