GOLD steadies at high levels despite FOMC looks tough
During the early morning trading session on Thursday (February 20), spot gold prices suddenly increased rapidly in the short term and gold prices stabilized above 2,940 USD/ounce, approaching the historic high set in the previous trading day.
Trump just issued another tariff threat
On Wednesday evening local time, US President Trump reiterated that he will announce tariffs on cars, semiconductors and pharmaceuticals.
“I will announce tariffs next month or sooner on autos, semiconductors, chips, pharmaceuticals, lumber and a number of other items that have a significant impact on the United States,” Trump said.
On Tuesday, Trump said he intended to impose tariffs of "about 25%" on autos, along with similar tariffs on imported semiconductors and pharmaceuticals.
Earlier this month, the United States announced a 10% tariff on imports from China and a 25% tariff on steel and aluminum.
Gold prices hit a record high on Wednesday, but the Fed meeting minutes sent gold prices down a bit
Gold prices hit an all-time high in early trading on Wednesday as U.S. President Donald Trump's threat of tariffs rattled investors, but later retreated from record highs as the dollar strengthened following a tough Federal Reserve meeting minutes.
"Participants said that, as long as the economy remains near maximum employment, they would like to see inflation progress further before making additional adjustments to the target range of the federal funds rate," minutes of the Federal Open Market Committee's Jan. 28-29 meeting said.
Assessment: The meeting minutes highlight the cautious approach of policymakers after they cut interest rates by 100 basis points in the final months of last year. Some officials have said they want to see inflation continue to fall toward the Fed's 2% target before supporting another rate cut.
Minutes from the Federal Reserve meeting showed concerns about inflation risks, dampening expectations for interest rate cuts. Gold prices decreased after the Fed meeting minutes, but in general this is not a significant impact because the market is still accepting risks from President Trump.
Analysis of technical prospects for
XAUUSD
Technically, gold is up 0.30% on the day, temporarily in front of the 0.382% Fibonacci extension considered the nearest resistance.
Once gold breaks above $2,946, it will likely continue to renew its all-time high with a target then around $2,971 in the short term.
The intraday technical outlook for gold is bullish, notable positions will be listed as follows.
Support: 2,921USD
Resistance: 2,942 – 2,971USD
SELL XAUUSD PRICE 2971 - 2969⚡️
↠↠ Stoploss 2975
→Take Profit 1 2963
↨
→Take Profit 2 2957
BUY XAUUSD PRICE 2909 - 2911⚡️
↠↠ Stoploss 2905
→Take Profit 1 2917
↨
→Take Profit 2 2923
Trump just issued another tariff threat
On Wednesday evening local time, US President Trump reiterated that he will announce tariffs on cars, semiconductors and pharmaceuticals.
“I will announce tariffs next month or sooner on autos, semiconductors, chips, pharmaceuticals, lumber and a number of other items that have a significant impact on the United States,” Trump said.
On Tuesday, Trump said he intended to impose tariffs of "about 25%" on autos, along with similar tariffs on imported semiconductors and pharmaceuticals.
Earlier this month, the United States announced a 10% tariff on imports from China and a 25% tariff on steel and aluminum.
Gold prices hit a record high on Wednesday, but the Fed meeting minutes sent gold prices down a bit
Gold prices hit an all-time high in early trading on Wednesday as U.S. President Donald Trump's threat of tariffs rattled investors, but later retreated from record highs as the dollar strengthened following a tough Federal Reserve meeting minutes.
"Participants said that, as long as the economy remains near maximum employment, they would like to see inflation progress further before making additional adjustments to the target range of the federal funds rate," minutes of the Federal Open Market Committee's Jan. 28-29 meeting said.
Assessment: The meeting minutes highlight the cautious approach of policymakers after they cut interest rates by 100 basis points in the final months of last year. Some officials have said they want to see inflation continue to fall toward the Fed's 2% target before supporting another rate cut.
Minutes from the Federal Reserve meeting showed concerns about inflation risks, dampening expectations for interest rate cuts. Gold prices decreased after the Fed meeting minutes, but in general this is not a significant impact because the market is still accepting risks from President Trump.
Analysis of technical prospects for
XAUUSD Technically, gold is up 0.30% on the day, temporarily in front of the 0.382% Fibonacci extension considered the nearest resistance.
Once gold breaks above $2,946, it will likely continue to renew its all-time high with a target then around $2,971 in the short term.
The intraday technical outlook for gold is bullish, notable positions will be listed as follows.
Support: 2,921USD
Resistance: 2,942 – 2,971USD
SELL XAUUSD PRICE 2971 - 2969⚡️
↠↠ Stoploss 2975
→Take Profit 1 2963
↨
→Take Profit 2 2957
BUY XAUUSD PRICE 2909 - 2911⚡️
↠↠ Stoploss 2905
→Take Profit 1 2917
↨
→Take Profit 2 2923
Note
🔴Spot gold prices continue to decline, down $10 in the short term and currently trading at $2,937 an ounce.Note
⚫Historical data shows that after price peaks, gold often declines in the next 5-10 years. This happened after the 2012 peak, when gold prices halved in three years.Note
Note
🔴 Gold prices are rising rapidly and are currently trading at $2,938 after US PMI economic data fell sharply short of expectations.
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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.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
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.