Heading for 4 days of strong gains, gold gets support from TrumpIn the Asian session, spot gold
XAUUSD
continued to rise, surpassing $3,145/ounce, up more than $24 on the day.
The global trade war has caused concerns in the market, continuing to push gold prices to new highs. Gold prices rose 8% in March and have increased for three consecutive months this year.
Gold prices have increased more than 18% this year, following a 27% increase last year, thanks to a favorable monetary policy environment, strong central bank buying and demand for exchange-traded funds (ETFs).
Trump: Tariff details could be announced soon (Bloomberg)
US President Trump said on Monday local time that details of the tariffs could be announced either Tuesday night (April 1) or April 2.
Trump also said the US would be “very friendly” to other countries and that tariffs could be significantly reduced in some cases. Trump then talked about other issues before returning to the tariff issue, adding: “The tariff plan is in place.”
White House spokeswoman Karoline Leavitt said on Monday that US President Trump will announce the reciprocal tariff plan “country by country” in the White House Rose Garden on April 2 and that no tariff exemptions are currently being considered.
In the latest escalation in the trade war, Trump is set to impose broad “reciprocal” tariffs on all U.S. trading partners on Wednesday, which he has called “Liberation Day.” Trump also plans to impose a 25% tariff on all non-U.S.-made cars this week.
Asked about the reciprocal tariffs and which countries would be affected, Leavitt declined to provide details. Asked whether lower tariffs would be applied to products used by U.S. farmers, Leavitt said “there are no exemptions at this time.”
Trump also said on Sunday that he would impose secondary tariffs of 25% to 50% on buyers of Russian oil if he determines Russia is trying to thwart U.S. efforts to end the war in Ukraine.
Gold Technical Outlook
XAUUSD
4 days of soaring, gold is heading for its fourth consecutive strong day as it breaks the target at the 0.618% Fibonacci extension of $3,139, followed by the target at the 0.786% Fibonacci extension of $3,177.
With the current technical conditions, there is no resistance or signal for a significant technical correction.
With the medium-term trend being highlighted by the price channel (a) and a blue price channel as the short-term trend. As long as gold remains above the EMA21, it will remain technically bullish in the long-term.
Meanwhile, the Relative Strength Index (RSI) is operating in the overbought zone but is not giving any signal for a possible correction to the downside.
For the day, the technical outlook for gold remains bullish, and any current pullback should be viewed as a short-term correction or a buying opportunity. With that, the notable positions for the uptrend are listed as follows.
Support: 3,139 – 3,128 – 3,113 USD
Resistance: 3,177 USD
This is the end of the article, wishing you a productive and happy working day
