Gold prices surged to a record high on Tuesday as investors turned to the safe-haven asset following U.S. President Donald Trump’s decision to impose new 25% tariffs on steel and aluminum imports, intensifying fears of a potential trade war and rising inflation. This fundamental catalyst has further strengthened the bullish sentiment in the market, aligning with the ongoing price action within the rising channel.
Currently, gold is experiencing a correction, with the possibility of testing the 2880 support level. This zone holds significance as a key demand area where buyers may step in to drive the price higher. If gold finds strong support here, a bullish rebound toward 2937 is expected, marking a critical resistance level. A breakout above this level would reinforce the uptrend, pushing the price toward a new high near 2955, which aligns with the upper boundary of the rising channel. The overall market structure remains bullish, supported by both technical and fundamental factors, as geopolitical uncertainties and inflation concerns continue to fuel demand for gold.
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The price has been in a prolonged correction, moving toward a key support level where buying interest typically increases. If the broader trend remains bullish, this correction is likely a retracement rather than a reversal. As selling pressure decreases and demand rises at support, the price may attempt to rebound.
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Profit isn’t about luck, it’s about strategy. Get free signals and trade smarter: Telegram Channel [t.me/ArinaMarketAnalysis].
The market is waiting—you can make money, and you should.
The market is waiting—you can make money, and you should.
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.