Gold Spot / U.S. DollarUpdated GOLD recovered strongly, Trump stimulated risk aversion
During the Asian trading session on Monday (February 10), XAUUSD Spot has recovered strongly after a short decline. Gold price has now recovered to about 2,874 USD/ounce, a sharp increase of about 15 USD during the day.
US President Donald Trump said on Sunday local time that he would announce a 25% tariff on all imported steel and aluminum on Monday.
Trump told reporters aboard Air Force One that the tariffs would apply to metal imports from every country. He did not specify when the tariffs would be applied. Trump also said he would announce corresponding tariffs later this week for countries that impose tariffs on U.S. imports.
These comments stimulated the market's risk aversion, the Asia-Pacific stock market and the US stock futures market fell, and the two safe-haven assets, the US dollar and gold, recovered together.
![GOLD MARKET ANALYSIS AND COMMENTARY - [Feb 10 - Feb 14]](https://s3.tradingview.com/f/fvgdVtxQ_mid.png)
On the daily chart,XAUUSD recovered after receiving support from the upper channel edge, and in terms of technical structure nothing changed from previous releases with a bullish bias dominating the technical chart.
Maintaining price activity above the 0.236% Fibonacci extension provides the conditions for continued upside with the next target being at $2,891 the 0.382% Fibonacci extension, more so than the original price point of $2,900.
With the price channel making a short-term uptrend, along with the Relative Strength Index providing no signs of a strong downside correction, gold is expected to continue searching for new all-time highs. The positions will be noted as follows.
Support: 2,869 – 2,844 – 2,834USD
Resistance: 2,891 – 2,900USD
SELL XAUUSD PRICE 2906 - 2904⚡️
↠↠ Stoploss 2910
→Take Profit 1 2899
↨
→Take Profit 2 2894
BUY XAUUSD PRICE 2829 - 2831⚡️
↠↠ Stoploss 2825
→Take Profit 1 2836
↨
→Take Profit 2 2841
XAUUSD Spot has recovered strongly after a short decline. Gold price has now recovered to about 2,874 USD/ounce, a sharp increase of about 15 USD during the day.US President Donald Trump said on Sunday local time that he would announce a 25% tariff on all imported steel and aluminum on Monday.
Trump told reporters aboard Air Force One that the tariffs would apply to metal imports from every country. He did not specify when the tariffs would be applied. Trump also said he would announce corresponding tariffs later this week for countries that impose tariffs on U.S. imports.
These comments stimulated the market's risk aversion, the Asia-Pacific stock market and the US stock futures market fell, and the two safe-haven assets, the US dollar and gold, recovered together.
On the daily chart,
XAUUSD recovered after receiving support from the upper channel edge, and in terms of technical structure nothing changed from previous releases with a bullish bias dominating the technical chart.Maintaining price activity above the 0.236% Fibonacci extension provides the conditions for continued upside with the next target being at $2,891 the 0.382% Fibonacci extension, more so than the original price point of $2,900.
With the price channel making a short-term uptrend, along with the Relative Strength Index providing no signs of a strong downside correction, gold is expected to continue searching for new all-time highs. The positions will be noted as follows.
Support: 2,869 – 2,844 – 2,834USD
Resistance: 2,891 – 2,900USD
SELL XAUUSD PRICE 2906 - 2904⚡️
↠↠ Stoploss 2910
→Take Profit 1 2899
↨
→Take Profit 2 2894
BUY XAUUSD PRICE 2829 - 2831⚡️
↠↠ Stoploss 2825
→Take Profit 1 2836
↨
→Take Profit 2 2841
Trade active
Plan SELL HIT TP1 +80pips. Heading to TP2 😵😵😵Note
▫️ Spot Gold hit $2940 per ounce or more, up 1.11% on the day.Note
Note
Gold prices hit an all-time high, the dollar maintained its strength, while stocks traded subdued on Tuesday as investors awaited further adjustments in US trade policy and statements from Fed Chairman Jerome Powell on tariffs and inflation.Note
🔴Spot gold price is down $8 in the short term and is currently trading at $2,885.51 an ounce.Note
⚫Spot gold prices hit a record high of 2,942.6 USD/ounce during the Asian trading session on Tuesday, continuing a strong upward trend from October 2023 with a total increase of 63% in 16 months.Note
🔴Spot gold prices have increased by more than $20 in the short term and are currently trading at $2,891.64 an ounce.
🔰| 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.
🔰| 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.