GOLD recovers, fueled by trade risks as key support
Influenced by US President Trump's imposition of new tariffs on imports from Canada and Mexico and the doubling of tariffs on Chinese goods, the situation has raised fears of a global trade war. 
XAUUSD found support after fresh tariff concerns and rebounded to target $2,900 and above it the momentum is waning.
Trump's tariff policy continues to boost inflation expectations while weakening economic growth expectations, and real yields continue to decline.
The upcoming Nonfarm Payrolls (NFP) and Consumer Price Index (CPI) reports will have an important impact on the market. If data shows rising inflation, gold prices could fall as the market may reduce expectations for an interest rate cut by the Federal Reserve. Recently, the market expected the Federal Reserve to cut interest rates by 75 basis points by the end of the year, up from 44 basis points last week.
Trump's tariff action, which could affect nearly $2.2 trillion in annual US two-way trade with China, takes effect at 12:00 Hanoi time on Tuesday. China responded immediately by imposing additional tariffs of 10%-15% on certain US imports effective March 10 and imposing a series of new export restrictions on certain designated US entities, according to Bloomberg.
Meanwhile, Canadian Prime Minister Justin Trudeau said Ottawa will immediately apply a 25% tariff on $20.7 billion worth of US goods.
JPMorgan said it has a structurally long-term bullish view on gold and expects gold prices to reach $3,000 by the fourth quarter of 2025. Trump's tariffs are considered inflationary and have prompted many investors to move money into the safe-haven gold, which has risen more than 10% this year.
However, higher inflation in the United States could force the Federal Reserve to maintain high interest rates for longer, which could reduce the appeal of non-yielding bullion. Markets await the ADP jobs report on Wednesday and the US nonfarm payrolls report on Friday for more information on the Federal Reserve's interest rate path.
Analysis of technical prospects forXAUUSD
On the daily chart, gold has achieved the $2,900 target gain readers noticed in previous editions since it reached support at $2,835.
Temporarily, the recovery momentum is weakening but maintaining price activity above the original price level of $2,900 is considered a positive signal for continued upside, and the next target is $2,942 in the short term, more than the all-time high of $2,956.
The interim relative strength index is also showing signs of reacting to the 61 resistance level, a continued break towards the overbought area would be a positive signal for bullish expectations in terms of momentum.
During the day, gold's price recovery prospects and notable positions will be listed as follows.
Support: 2,900 – 2,880 – 2,868USD
Resistance: 2,942 – 2,956USD
SELL XAUUSD PRICE 2941 - 2939⚡️
↠↠ Stoploss 2945
→Take Profit 1 2933
↨
→Take Profit 2 2927
BUY XAUUSD PRICE 2884 - 2886⚡️
↠↠ Stoploss 2880
→Take Profit 1 2892
↨
→Take Profit 2 2898
XAUUSD found support after fresh tariff concerns and rebounded to target $2,900 and above it the momentum is waning.Trump's tariff policy continues to boost inflation expectations while weakening economic growth expectations, and real yields continue to decline.
The upcoming Nonfarm Payrolls (NFP) and Consumer Price Index (CPI) reports will have an important impact on the market. If data shows rising inflation, gold prices could fall as the market may reduce expectations for an interest rate cut by the Federal Reserve. Recently, the market expected the Federal Reserve to cut interest rates by 75 basis points by the end of the year, up from 44 basis points last week.
Trump's tariff action, which could affect nearly $2.2 trillion in annual US two-way trade with China, takes effect at 12:00 Hanoi time on Tuesday. China responded immediately by imposing additional tariffs of 10%-15% on certain US imports effective March 10 and imposing a series of new export restrictions on certain designated US entities, according to Bloomberg.
Meanwhile, Canadian Prime Minister Justin Trudeau said Ottawa will immediately apply a 25% tariff on $20.7 billion worth of US goods.
JPMorgan said it has a structurally long-term bullish view on gold and expects gold prices to reach $3,000 by the fourth quarter of 2025. Trump's tariffs are considered inflationary and have prompted many investors to move money into the safe-haven gold, which has risen more than 10% this year.
However, higher inflation in the United States could force the Federal Reserve to maintain high interest rates for longer, which could reduce the appeal of non-yielding bullion. Markets await the ADP jobs report on Wednesday and the US nonfarm payrolls report on Friday for more information on the Federal Reserve's interest rate path.
Analysis of technical prospects for
XAUUSD On the daily chart, gold has achieved the $2,900 target gain readers noticed in previous editions since it reached support at $2,835.
Temporarily, the recovery momentum is weakening but maintaining price activity above the original price level of $2,900 is considered a positive signal for continued upside, and the next target is $2,942 in the short term, more than the all-time high of $2,956.
The interim relative strength index is also showing signs of reacting to the 61 resistance level, a continued break towards the overbought area would be a positive signal for bullish expectations in terms of momentum.
During the day, gold's price recovery prospects and notable positions will be listed as follows.
Support: 2,900 – 2,880 – 2,868USD
Resistance: 2,942 – 2,956USD
SELL XAUUSD PRICE 2941 - 2939⚡️
↠↠ Stoploss 2945
→Take Profit 1 2933
↨
→Take Profit 2 2927
BUY XAUUSD PRICE 2884 - 2886⚡️
↠↠ Stoploss 2880
→Take Profit 1 2892
↨
→Take Profit 2 2898
Note
Spot gold price reached $2,920 an ounce, up 0.08% on the day.Note
⚫Gold is under downward pressure due to cooling trade concerns, but is still supported by the weak USD. Spot gold price fluctuates around 2924 USD/oz.Note
Note
Spot gold price fell below 2,900 USD/ounce, down 0.66% on the day.Note
🔴The world's largest gold ETF, SPDR Gold Trust, saw its holdings fall by 1.72 tonnes from the previous day and its current holdings stand at 898.64 tonnes.Note
The US NFP index in February was 151,000, slightly lower than market expectations, and the unemployment rate was 4.1%, the highest since November 2024.
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🔰| 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.