Gold prices continued their upward momentum today, hovering around the $2,910 level. The last recorded trade for gold stood at $2,928 per ounce, marking a 270-pip increase compared to early yesterday morning.
Accordingly, gold prices are currently experiencing strong impacts from USD fluctuations and US tariff policies. Meanwhile, President Donald Trump continues to raise concerns by threatening to impose tariffs on imports from Mexico and Canada. These factors could determine whether gold can reach the $3,000 per ounce mark or not.
Currently, investors are awaiting the US payroll report, expected to be released at the end of this week. The report's results could influence the monetary policy of the Federal Reserve (FED).
On the technical chart, the precious metal has broken out of the descending price channel and made adjustments to create new highs. Bullish factors are driven by the crucial support level at 2885 and the two EMA lines at 34 and 89. All expectations are focused on gold's long-term price appreciation because any signs of US economic slowdown will support calls for Fed rate cuts and provide support for
XAUUSD .
Accordingly, gold prices are currently experiencing strong impacts from USD fluctuations and US tariff policies. Meanwhile, President Donald Trump continues to raise concerns by threatening to impose tariffs on imports from Mexico and Canada. These factors could determine whether gold can reach the $3,000 per ounce mark or not.
Currently, investors are awaiting the US payroll report, expected to be released at the end of this week. The report's results could influence the monetary policy of the Federal Reserve (FED).
On the technical chart, the precious metal has broken out of the descending price channel and made adjustments to create new highs. Bullish factors are driven by the crucial support level at 2885 and the two EMA lines at 34 and 89. All expectations are focused on gold's long-term price appreciation because any signs of US economic slowdown will support calls for Fed rate cuts and provide support for
XAUUSD .
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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.