Gold Price Surges Near $3,110 Amid Trump’s ‘Liberation Day’
Investors Turn to Gold as Safe Haven
- Investors seek safety in traditional store of value
- Anticipating Trump’s tariffs
- Gold price finds fresh buyers near $3,110
The Gold price has seen a surge in demand, reaching the $3,110 region, as anticipation builds around US President Donald Trump’s "reciprocal tariffs" set to be announced on ‘Liberation Day.’ This surge in Gold price is driven by investors seeking a safe haven in light of the uncertainty surrounding Trump’s tariff announcements.
Factors Influencing Gold Price Movement
- US Automatic Data Processing (ADP) Employment Change for March
- Potential rise in US private sector payrolls
- Signs of US labor market slackening may drive interest rate cuts bets
- Focus on Trump’s tariff reveal as the main event risk on ‘Liberation Day’
Trump’s Tariff Announcement
- Plans for global tariffs of up to 20% on US trading partners
- Uncertainty surrounding automobile tariffs taking effect on April 3
- Impact on Gold price depending on the details of the ‘reciprocal tariffs’
Gold Price Technical Analysis
- Gold price reverts toward record high of $3,149
- Next upside target at $3,158, with potential for uptrend to $3,200 threshold
- Caution warranted for Gold buyers as 14-day Relative Strength Index (RSI) re-enters heavily overbought zone
- Potential downside support levels at $3,100, $3,077, and $3,050
Economic Indicator: US Liberation Day Tariff Announcements
- Trump’s wide-ranging tariffs could significantly affect global trade and financial assets
- Next release: Wed, Apr 02, 2025, at 19:00
- Market consensus and previous data to be considered
In conclusion, the Gold price is heavily influenced by Trump’s tariff announcements and market sentiment surrounding global trade. Investors should closely monitor the developments on ‘Liberation Day’ to gauge the impact on Gold price and potential trading opportunities.