Fundamental analysis
On 2 Apr, Trump imposed a 10% baseline tariff on all imports, with higher rates for key partners: China (34%), the EU (20%), and Japan (24%). A 25% tariff on foreign-made cars also took effect.
Gold fell below 3,060 per ounce on Thursday after briefly topping near 3,160, as reports confirmed precious metals were excluded from Trump’s "reciprocal" tariffs. Rising COMEX gold inventories eased supply concerns, but inflation fears, rate-cut expectations, and strong ETF demand helped limit losses.
Investors now await Friday’s U.S. non-farm payrolls report for Fed policy clues.
Technical analysis
XAUUSD is recovering higher after testing the 38.2% Fibonacci level as support, which coincides with the lower boundary of the bullish channel. Higher highs and higher lows suggest that the bearish countertrend correction may have ended, resuming its upward path to possibly reach new highs.
By María Agustina Patti, Financial Markets Strategist at Exness
On 2 Apr, Trump imposed a 10% baseline tariff on all imports, with higher rates for key partners: China (34%), the EU (20%), and Japan (24%). A 25% tariff on foreign-made cars also took effect.
Gold fell below 3,060 per ounce on Thursday after briefly topping near 3,160, as reports confirmed precious metals were excluded from Trump’s "reciprocal" tariffs. Rising COMEX gold inventories eased supply concerns, but inflation fears, rate-cut expectations, and strong ETF demand helped limit losses.
Investors now await Friday’s U.S. non-farm payrolls report for Fed policy clues.
Technical analysis
XAUUSD is recovering higher after testing the 38.2% Fibonacci level as support, which coincides with the lower boundary of the bullish channel. Higher highs and higher lows suggest that the bearish countertrend correction may have ended, resuming its upward path to possibly reach new highs.
By María Agustina Patti, Financial Markets Strategist at Exness
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.