In the Asian trading session on Tuesday (April 8), spot 
XAUUSD recovered in the short term after a sharp decline in the previous trading day. Gold prices just touched $3,000/ounce, having increased by nearly $20 during the day. Concerns about the escalation of the trade war have increased the risk-off sentiment in the market.
US President Donald Trump said on Monday that he will not suspend the policy of "reciprocal tariffs", although many trading partners want to avoid them
According to a statement posted on the website of the Chinese Ministry of Commerce on Tuesday, a spokesperson for the Ministry of Commerce made a statement on the US threat to increase tariffs on China. The statement pointed out that China noted that on April 7 Eastern time, the US threatened to impose an additional 50% tariff on China, and China firmly opposes this. If the US escalates the tariff measures, China will resolutely take countermeasures to protect its own rights and interests.
The US threat to increase tariffs on China is a mistake that has been compounded, once again exposing the US's blackmailing nature. China will never accept this. If the US insists on pursuing its own way, China will fight to the end. Such statements usually boost the market's risk-off sentiment, contributing to a short-term recovery in gold prices. Gold is a safe investment during times of political and financial uncertainty.
Last Thursday, gold hit an all-time high of $3,167.57/oz, driven largely by geopolitical uncertainty and strong central bank buying. And the gold market remains exposed to significant volatility in the short term, with a number of potential fundamental surprises, most of which are likely to support price gains.
Technical Outlook AnalysisXAUUSD
On the daily chart, gold is struggling to maintain its price action within the main price channel, however, the recovery momentum is also limited by the $3,000 price level which is currently acting as the nearest resistance.
For now, gold is losing important support at the EMA21 and now the EMA21 has become a resistance level. For gold to have the conditions for a bullish possibility, gold needs to bring the price action back above the $3,000 level, then the target is $3,019 and maintain above this level.
The relative strength index RSI has some minor reaction at 50, which is considered a momentum support level on the RSI tool. But the signal is not significant.
Overall, the expectation for gold is to resume the uptrend but at the time of writing, the conditions are not yet sufficient. Meanwhile, a drop below $2,956 would bring the risk of further declines with the next target around $2,927 in the short term.
In the day, the notable technical positions will be listed as follows.
Support: $2,956 – $2,954 – $2,927
Resistance: $3,019
SELL XAUUSD PRICE 3064 - 3062⚡️
↠↠ Stoploss 3068
→Take Profit 1 3056
↨
→Take Profit 2 3050
BUY XAUUSD PRICE 2932 - 2934⚡️
↠↠ Stoploss 2928
→Take Profit 1 2930
↨
→Take Profit 2 2936
XAUUSD recovered in the short term after a sharp decline in the previous trading day. Gold prices just touched $3,000/ounce, having increased by nearly $20 during the day. Concerns about the escalation of the trade war have increased the risk-off sentiment in the market.US President Donald Trump said on Monday that he will not suspend the policy of "reciprocal tariffs", although many trading partners want to avoid them
According to a statement posted on the website of the Chinese Ministry of Commerce on Tuesday, a spokesperson for the Ministry of Commerce made a statement on the US threat to increase tariffs on China. The statement pointed out that China noted that on April 7 Eastern time, the US threatened to impose an additional 50% tariff on China, and China firmly opposes this. If the US escalates the tariff measures, China will resolutely take countermeasures to protect its own rights and interests.
The US threat to increase tariffs on China is a mistake that has been compounded, once again exposing the US's blackmailing nature. China will never accept this. If the US insists on pursuing its own way, China will fight to the end. Such statements usually boost the market's risk-off sentiment, contributing to a short-term recovery in gold prices. Gold is a safe investment during times of political and financial uncertainty.
Last Thursday, gold hit an all-time high of $3,167.57/oz, driven largely by geopolitical uncertainty and strong central bank buying. And the gold market remains exposed to significant volatility in the short term, with a number of potential fundamental surprises, most of which are likely to support price gains.
Technical Outlook Analysis
XAUUSD On the daily chart, gold is struggling to maintain its price action within the main price channel, however, the recovery momentum is also limited by the $3,000 price level which is currently acting as the nearest resistance.
For now, gold is losing important support at the EMA21 and now the EMA21 has become a resistance level. For gold to have the conditions for a bullish possibility, gold needs to bring the price action back above the $3,000 level, then the target is $3,019 and maintain above this level.
The relative strength index RSI has some minor reaction at 50, which is considered a momentum support level on the RSI tool. But the signal is not significant.
Overall, the expectation for gold is to resume the uptrend but at the time of writing, the conditions are not yet sufficient. Meanwhile, a drop below $2,956 would bring the risk of further declines with the next target around $2,927 in the short term.
In the day, the notable technical positions will be listed as follows.
Support: $2,956 – $2,954 – $2,927
Resistance: $3,019
SELL XAUUSD PRICE 3064 - 3062⚡️
↠↠ Stoploss 3068
→Take Profit 1 3056
↨
→Take Profit 2 3050
BUY XAUUSD PRICE 2932 - 2934⚡️
↠↠ Stoploss 2928
→Take Profit 1 2930
↨
→Take Profit 2 2936
Note
Gold price recovers to around 3,020 USD/ozNote
Note
Gold price recovers to above 3,150 USD/ozNote
🔴Above 3270 Gold SPOT Accumulates $40 in Early Trading Gold SPOT has risen slightly in early trading, breaking above $3,270 an ounce for the first time, up $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.