As trade tensions escalated, market risk sentiment suddenly spiked, with spot 
XAUUSD surging above $3,200.
Data released on Thursday in the United States showed that the consumer price index (CPI) unexpectedly fell in March.
Data showed that the US CPI fell 0.1% month-on-month in March, the first decline in nearly five years, compared to expectations of 0.1% and the previous reading of 0.2%.
In addition, the US CPI rose 2.4% year-on-year in March, lower than the expected 2.5% and the previous reading of 2.8%; the US core CPI rose 2.8% year-on-year in March, lower than the expected 3% and the previous reading of 3.1%.
After the US CPI data was released, traders bet that the Federal Reserve will cut interest rates again in June, potentially totaling 100 basis points of rate cuts by the end of the year. Low interest rates are generally beneficial for gold because the metal does not pay interest.
Gold prices continued to rise above $3,200 an ounce in early trading in Asia on Friday, breaking the record set in the previous trading day.
Gold prices hit a new high as investors turned to safe-haven assets amid concerns about the impact of tariffs on the global economy, Bloomberg reported on Friday.
Gold’s safe-haven status has been hit again this week, Bloomberg reported. US President Trump’s erratic rhetoric on his tariff agenda has sparked a sell-off in stocks, bonds and the US dollar, as concerns about a global recession spread across Wall Street.
Even after Trump announced a 90-day pause on tariffs on dozens of trading partners, risks and uncertainties remain, with tariffs on all imports from China now at a rate of at least 145%.
The White House clarified to CNBC at noon ET on Thursday that the Trump administration's tariffs on China under the name of reciprocal tariffs are 125%, but this does not include the 20% tariffs that the United States imposed on China twice in early February and early March of this year due to the fentanyl crisis.
Therefore, during Trump's second term, the cumulative tariffs that the United States has applied to all Chinese goods exported to the United States have reached 145%.
The CNBC report also emphasized that the 145% tariff does not include the US tariffs on China before Trump's second term as US president, including various tariffs imposed on China during Trump's first term and the Biden administration.
Given the current market environment, gold is still going to continue to rise strongly. As a wise man at a coffee shop in Vietnam (TLTV) predicted, this war must be 500% to negotiate. If so, we could soon see gold approaching the $3,500 mark.
Technical Outlook AnalysisXAUUSD
On the daily chart, gold has surged above the $3,200 base, and at its current position, it is likely to continue its upward move with the nearest target being the 0.786% Fibonacci extension level of $3,223. Whereas, once the $3,223 level is broken, gold will be in a position to continue its upward move with the next target around $3,295 in the short term.
On the technical front, the Relative Strength Index (RSI) is sloping upwards without any weakness as it approaches the overbought zone, indicating strong demand in the market and sending a positive signal for the bullish trend.
For the day, as long as gold remains above $3,167, it remains bullish in the short term, and any dip in the current scenario that does not take gold below the EMA21 should be viewed as a short-term correction rather than a trend, or as a buying opportunity.
The notable positions for the intraday uptrend will be listed again for readers as follows.
Support: $3,167
Resistance: $3,223
SELL XAUUSD PRICE 3250 - 3248⚡️
↠↠ Stoploss 3068
→Take Profit 1 3056
↨
→Take Profit 2 3050
BUY XAUUSD PRICE 3134 - 3136⚡️
↠↠ Stoploss 3130
→Take Profit 1 3142
↨
→Take Profit 2 3148
XAUUSD surging above $3,200. Data released on Thursday in the United States showed that the consumer price index (CPI) unexpectedly fell in March.
Data showed that the US CPI fell 0.1% month-on-month in March, the first decline in nearly five years, compared to expectations of 0.1% and the previous reading of 0.2%.
In addition, the US CPI rose 2.4% year-on-year in March, lower than the expected 2.5% and the previous reading of 2.8%; the US core CPI rose 2.8% year-on-year in March, lower than the expected 3% and the previous reading of 3.1%.
After the US CPI data was released, traders bet that the Federal Reserve will cut interest rates again in June, potentially totaling 100 basis points of rate cuts by the end of the year. Low interest rates are generally beneficial for gold because the metal does not pay interest.
Gold prices continued to rise above $3,200 an ounce in early trading in Asia on Friday, breaking the record set in the previous trading day.
Gold prices hit a new high as investors turned to safe-haven assets amid concerns about the impact of tariffs on the global economy, Bloomberg reported on Friday.
Gold’s safe-haven status has been hit again this week, Bloomberg reported. US President Trump’s erratic rhetoric on his tariff agenda has sparked a sell-off in stocks, bonds and the US dollar, as concerns about a global recession spread across Wall Street.
Even after Trump announced a 90-day pause on tariffs on dozens of trading partners, risks and uncertainties remain, with tariffs on all imports from China now at a rate of at least 145%.
The White House clarified to CNBC at noon ET on Thursday that the Trump administration's tariffs on China under the name of reciprocal tariffs are 125%, but this does not include the 20% tariffs that the United States imposed on China twice in early February and early March of this year due to the fentanyl crisis.
Therefore, during Trump's second term, the cumulative tariffs that the United States has applied to all Chinese goods exported to the United States have reached 145%.
The CNBC report also emphasized that the 145% tariff does not include the US tariffs on China before Trump's second term as US president, including various tariffs imposed on China during Trump's first term and the Biden administration.
Given the current market environment, gold is still going to continue to rise strongly. As a wise man at a coffee shop in Vietnam (TLTV) predicted, this war must be 500% to negotiate. If so, we could soon see gold approaching the $3,500 mark.
Technical Outlook Analysis
XAUUSD On the daily chart, gold has surged above the $3,200 base, and at its current position, it is likely to continue its upward move with the nearest target being the 0.786% Fibonacci extension level of $3,223. Whereas, once the $3,223 level is broken, gold will be in a position to continue its upward move with the next target around $3,295 in the short term.
On the technical front, the Relative Strength Index (RSI) is sloping upwards without any weakness as it approaches the overbought zone, indicating strong demand in the market and sending a positive signal for the bullish trend.
For the day, as long as gold remains above $3,167, it remains bullish in the short term, and any dip in the current scenario that does not take gold below the EMA21 should be viewed as a short-term correction rather than a trend, or as a buying opportunity.
The notable positions for the intraday uptrend will be listed again for readers as follows.
Support: $3,167
Resistance: $3,223
SELL XAUUSD PRICE 3250 - 3248⚡️
↠↠ Stoploss 3068
→Take Profit 1 3056
↨
→Take Profit 2 3050
BUY XAUUSD PRICE 3134 - 3136⚡️
↠↠ Stoploss 3130
→Take Profit 1 3142
↨
→Take Profit 2 3148
Note
🔴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.
Note
Note
🔴Gold Spot lost $3,330 per ounce, down 0.38% on the day, after hitting a new high of $3,357.68 per ounce.Note
🔴SPOT gold fell below $3,320 an ounce, down 0.66% on the day.
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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.