Minor correction, GOLD renewed its peak for OANDA:XAUUSD by Xayah_trading

Minor correction, GOLD renewed its peak

XAUUSD spiked to a record high on Monday as concerns about Trump's tax plans fueled safe-haven demand, and inflows into the world's largest gold ETF also provided further support. Although there have been adjustments as of the time this article was completed, this price decrease is insignificant, currently gold is trading around 2,940USD/oz, equivalent to a decrease of 0.41% on the day.

XAUUSD hit an intraday high of $2,956.29 an ounce on Monday, a record high and the 11th all-time high refresh this year.

The US Dollar Index (Dxy) hit its lowest since December 10 last year in intraday trading on Monday, making gold cheaper for buyers using other currencies.
Another positive news for gold was that the US 10-year Treasury yield fell 1 basis point to 4.443%.
SPDR Gold Trust, the world's largest gold ETF, announced its gold holdings rose to 904.38 tons last Friday, the highest level since August 2023.

Trump says tariffs on Canada and Mexico will be imposed on time
US President Donald Trump said on Monday that comprehensive US tariffs on imports from Canada and Mexico will take effect as scheduled after a one-month reprieve ends next week.
Trump signed an executive order on February 1 imposing a 25% tariff on imports from Mexico and Canada. However, on February 3, Trump announced that new tariffs would be postponed for 30 days as Mexican President Sheinbaum and Canadian Prime Minister Trudeau both pledged to increase border enforcement.
According to Trump's announcement, tariffs on Canadian goods will be deferred for 30 days, while tariffs on Mexican imports will be deferred for one month.
Markets generally believe that these tariff plans will cause inflation and potentially trigger a trade war, thereby increasing demand for safe-haven assets such as gold and silver.

Targeting a new era peak, risks blanket the market

Analysis of technical prospects for XAUUSD
Although on the daily chart, the RSI shows that the buying force is "exhausted" with price activity in the overbought area, the corrections that have occurred are not significant because the RSI has not yet gone below the 80 level with its steep slope.

Looking at the technical chart, staying above $2,940 is a bullish factor and if gold continues to trade above the 0.382% Fibonacci extension it has a bullish outlook and a target then around $2,971 in the short term.

The trend will still act as a short-term trend, even in case it breaks below, the main outlook for gold is still bullish with the price channel and EMA21 as main support.

However, the market will not move in a straight line, so traders must always be ready for large downward corrections that can occur when RSI operates for a long time in the overbought area.

In terms of trading, trades should be trend-based with support and resistance positions noted again as follows.
Support: 2,922 – 2,915USD
Resistance: 2,946 – 2,956 – 2,971USD

SELL XAUUSD PRICE 2971 - 2969⚡️
↠↠ Stoploss 2975

→Take Profit 1 2963
↨
→Take Profit 2 2957

BUY XAUUSD PRICE 2909 - 2911⚡️
↠↠ Stoploss 2905

→Take Profit 1 2917
↨
→Take Profit 2 2923

Note

♦️ Spot gold price fell below 2,930 USD/ounce, down 0.77% on the day.

Trade active

Plan BUY +50pips close a part move SL to entry.🔥

Note

🔴 Spot gold prices fell $60 on the day after the US consumer confidence index in February recorded its biggest monthly decline in more than three years.
In addition, gold prices broke out of the uptrend channel that lasted nearly 2 months.

Note

Gold prices fell in the afternoon session of February 25 as investors took profits after reaching a record high due to concerns that US President Donald Trump's plans to impose taxes could increase inflation and cause a global trade war.

Note

GOLD recovered after a 1.3% correction, paying attention to PCE

Note

♦️ Spot gold price fell below 2,910 USD/ounce, down 0.18% on the day.

Note

Spot gold prices fell more than $6 in the short term, to below $2,900 an ounce, for a daily decline of 0.52%.

Note

🔴The threat of tariffs supports gold's safe-haven nature
On February 26, gold prices recovered as risk aversion spread again in the market.

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