In Asian trading on Thursday (April 3), the market's risk-off sentiment increased, boosted by Trump's wide-ranging tariff actions. Spot gold prices jumped to $3,167.77/ounce in early trading, up nearly $37 in a day and hitting a new record high.
XAUUSD Continues to Rise as Trump Launches Tariff Campaign
The US Dollar fell sharply in Asian trading on Thursday, contributing to the boost in gold prices. The US Dollar Index is currently at around 103.050, down more than 60 points on the day.
On April 2, local time, the White House issued a statement saying that US President Trump declared a national emergency on the same day to enhance US competitiveness, protect US sovereignty, and strengthen US national and economic security. Trump declared this as America's "declaration of economic independence".
The statement said that Trump will impose a 10% "base tariff" on all countries, effective from 0:01 a.m. Eastern time on April 5. In addition, Trump will impose higher, personalized "reciprocal tariffs" on countries with the largest US trade deficits, effective from 0:01 a.m. Eastern time on April 9. All other countries will continue to adhere to the original base tariff of 10%.
Gold prices hit a new record above $3,160 an ounce after US President Donald Trump announced comprehensive “reciprocal” tariffs, imposing a minimum 10% tax on imported goods, raising concerns that this could trigger a global economic recession.
Investors have flocked to gold as concerns about the health of the global economy have grown. Gold prices have risen 20% this year after a strong rally in 2024, driven largely by central bank buying and strong demand in Asia.
AND IT WILL KEEP RISE AS FUNDAMENTAL SUPPORT IS ABSOLUTELY IN PLACE!
Technical Outlook AnalysisXAUUSD
On the daily chart, after approaching the target level of attention to readers in yesterday's publication at the price point of the 1% Fibonacci extension, there are temporary signs of cooling down, mainly this is considered a correction state after a shock increase.
In terms of trends, gold is currently being noticed by the short-term price channel, this is an uptrend in which the medium-term trend at the price channel is also an uptrend channel, in addition, EMA21 is also the current main support.
On the other hand, the Relative Strength Index (RSI) is also in an uptrend channel, which shows that gold is also in an uptrend in terms of momentum, and a signal for a possible downward correction in terms of momentum can only occur when the RSI folds downwards below 80.
As long as gold remains in the price channel, it is still in an uptrend in the short term, and the notable positions for the day will be listed as follows.
Support: 3,135 – 3,106 – 3,100 USD
Resistance: 3,172 USD
SELL XAUUSD PRICE 3171 - 3169⚡️
↠↠ Stoploss 3175
→Take Profit 1 3163
↨
→Take Profit 2 3157
BUY XAUUSD PRICE 3098 - 3100⚡️
↠↠ Stoploss 3094
→Take Profit 1 3106
↨
→Take Profit 2 3112
XAUUSD Continues to Rise as Trump Launches Tariff CampaignThe US Dollar fell sharply in Asian trading on Thursday, contributing to the boost in gold prices. The US Dollar Index is currently at around 103.050, down more than 60 points on the day.
On April 2, local time, the White House issued a statement saying that US President Trump declared a national emergency on the same day to enhance US competitiveness, protect US sovereignty, and strengthen US national and economic security. Trump declared this as America's "declaration of economic independence".
The statement said that Trump will impose a 10% "base tariff" on all countries, effective from 0:01 a.m. Eastern time on April 5. In addition, Trump will impose higher, personalized "reciprocal tariffs" on countries with the largest US trade deficits, effective from 0:01 a.m. Eastern time on April 9. All other countries will continue to adhere to the original base tariff of 10%.
Gold prices hit a new record above $3,160 an ounce after US President Donald Trump announced comprehensive “reciprocal” tariffs, imposing a minimum 10% tax on imported goods, raising concerns that this could trigger a global economic recession.
Investors have flocked to gold as concerns about the health of the global economy have grown. Gold prices have risen 20% this year after a strong rally in 2024, driven largely by central bank buying and strong demand in Asia.
AND IT WILL KEEP RISE AS FUNDAMENTAL SUPPORT IS ABSOLUTELY IN PLACE!
Technical Outlook Analysis
XAUUSD On the daily chart, after approaching the target level of attention to readers in yesterday's publication at the price point of the 1% Fibonacci extension, there are temporary signs of cooling down, mainly this is considered a correction state after a shock increase.
In terms of trends, gold is currently being noticed by the short-term price channel, this is an uptrend in which the medium-term trend at the price channel is also an uptrend channel, in addition, EMA21 is also the current main support.
On the other hand, the Relative Strength Index (RSI) is also in an uptrend channel, which shows that gold is also in an uptrend in terms of momentum, and a signal for a possible downward correction in terms of momentum can only occur when the RSI folds downwards below 80.
As long as gold remains in the price channel, it is still in an uptrend in the short term, and the notable positions for the day will be listed as follows.
Support: 3,135 – 3,106 – 3,100 USD
Resistance: 3,172 USD
SELL XAUUSD PRICE 3171 - 3169⚡️
↠↠ Stoploss 3175
→Take Profit 1 3163
↨
→Take Profit 2 3157
BUY XAUUSD PRICE 3098 - 3100⚡️
↠↠ Stoploss 3094
→Take Profit 1 3106
↨
→Take Profit 2 3112
Note
Gold price recovered and traded around 3,106 USD/ozNote
Note
Gold price drops to $3,050/ozNote
The Fed says unemployment is up, but still mildinflation is still under control
Compared to the previous recession year, it is still very mild, we just need to wait and watch carefully
Note
🔴Gold SPOT hit $3,050 an ounce or more, up 0.40% on the day.
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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.