XAU/USD Current Price: $2,902.98
Current Market Events
- US President Donald Trump Prepares for Tariffs
- Federal Reserve Chairman Powell’s Testimony and US Inflation Ahead
- XAU/USD Expected to Experience Corrections, but Investors Eye Higher Highs
Gold continues to rise, exceeding the $2,900 mark as risk aversion drives demand for safe-haven assets. US President Donald Trump’s announcement of new tariffs on steel and aluminum imports has further fueled this demand. XAU/USD reached $2,911.21 during US trading hours and remains strong.
Despite positive equity market performance, investors are still seeking safe-haven assets. The US Dollar is firm against other currencies, but Gold and the Japanese Yen are preferred. Wall Street is cautiously optimistic as investors await further developments from President Trump.
This week, focus shifts to the US with Federal Reserve Chairman Powell’s testimony and the release of the January Consumer Price Index (CPI). Investors are eager for insights into future monetary policies and inflation trends.
XAU/USD Technical Analysis
Looking at the technical indicators, XAU/USD is likely to continue its upward trend. The daily chart shows a retreat from recent highs but remains above $2,900. Key indicators suggest further upside potential with no signs of exhaustion. The 20 Simple Moving Average (SMA) is well above the 100 and 200 SMAs, indicating a strong bullish trend.
On the 4-hour chart, XAU/USD remains bullish with potential for corrective declines. The Momentum indicator and Relative Strength Index (RSI) are positive, and moving averages suggest intraday support at $2,870.10.
Support Levels: 2,886.60, 2,872.30, 2,855.45
Resistance Levels: 2,911.60, 2,925.00, 2,940.00
Analysis
Gold’s rise above $2,900 reflects ongoing market uncertainty and increased demand for safe-haven assets. President Trump’s tariff announcements and upcoming US economic events are influencing investor sentiment. Understanding these factors and technical indicators can help investors make informed decisions and navigate market volatility.
For individuals, the impact of global events on Gold prices can affect investment portfolios and purchasing power. Keeping an eye on key economic indicators and market trends can help individuals protect their finances and make strategic investment choices.