Gold soared to around $3,000 per ounce as investors sought refuge from intensifying trade war concerns and recession risks. The U.S. confirmed a new round of tariffs with no exemptions, China faces a record 104% hike. Trump also warned of a forthcoming pharmaceutical import tariff. The market is now focused on the Fed's March meeting minutes, set for release later today, for potential rate cut clues. Ongoing central bank purchases and strong ETF demand, China’s ETF added 233,000 ounces, also supported the rally.
Key resistance is at $3,035, followed by $3,085 and $3,105. Support stands at $2,956, then $2,930 and $2830.
Key resistance is at $3,035, followed by $3,085 and $3,105. Support stands at $2,956, then $2,930 and $2830.
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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.