In the early morning trading session on Tuesday (May 6), the spot price of 
XAUUSD suddenly jumped more than 50Dollar in the short term. The price of gold just hit 3,387USD/ounce, setting a new intraday high.
Trump's latest tariff announcement has increased risk-off sentiment, thereby pushing the price of gold up sharply.
WASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday he plans to impose a 100% tariff on foreign-made films, extending his restrictive trade policy on U.S. imports to the entertainment industry for the first time, rekindling investor concerns about the potential fallout from a global trade war.
On Monday local time, Trump signed an executive order on biomedical research, hoping to use this opportunity to boost the US pharmaceutical industry. Trump also announced that tariffs on pharmaceutical products will be announced within the next 2 weeks.
Gold is often considered a safe haven in times of uncertainty and performs well in low interest rate environments. Gold prices have soared 26.3% this year and have set new historical records several times.
On the other hand, geopolitical tensions surrounding the conflict between Ukraine and Russia are also escalating as Ukraine actively attacks despite warnings from Russia. On May 9, Russia will solemnly celebrate the 80th anniversary of Victory Day - a significant historical milestone with the participation of many international politicians and military corps from many countries participating in the parade at Red Square.
Geopolitical risks often impact the market very quickly and dramatically, gold prices will increase sharply whenever geopolitical risks appear as dangerous as the current situation in Ukraine - Russia.
Technical analysis ofXAUUSD prospects
On the daily chart, after gold received support and recovered from the confluence area of EMA21 and 0.50% Fibonacci retracement, gold showed prospects of continuing to recover and entering a new technical bullish cycle, bringing price activity back above $3,300.
At the time of writing, gold has reached the weekly target level sent to readers in the weekly publication at $3,371, which is also the current nearest resistance. Once gold remains stable above the 0.236% Fibonacci retracement level, it will have the prospect of continuing to increase with the next target around $3,400 – $3,430 in the short term.
On the momentum front, the Relative Strength Index (RSI) has turned upward with a significant slope after receiving support from the 50 area, which should be considered a positive signal for further bullish expectations.
Intraday, the technical outlook for gold is bullish with the main support from the EMA21, the notable positions will also be listed as follows.
Support: 3,300 – 3,292 – 3,267USD
Resistance: 3,400 – 3,430USD
SELL XAUUSD PRICE 3409 - 3407⚡️
↠↠ Stop Loss 3413
→Take Profit 1 3401
↨
→Take Profit 2 3395
BUY XAUUSD PRICE 3306 - 3308⚡️
↠↠ Stop Loss 3302
→Take Profit 1 3314
↨
→Take Profit 2 3320
XAUUSD suddenly jumped more than 50Dollar in the short term. The price of gold just hit 3,387USD/ounce, setting a new intraday high. Trump's latest tariff announcement has increased risk-off sentiment, thereby pushing the price of gold up sharply.
WASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday he plans to impose a 100% tariff on foreign-made films, extending his restrictive trade policy on U.S. imports to the entertainment industry for the first time, rekindling investor concerns about the potential fallout from a global trade war.
On Monday local time, Trump signed an executive order on biomedical research, hoping to use this opportunity to boost the US pharmaceutical industry. Trump also announced that tariffs on pharmaceutical products will be announced within the next 2 weeks.
Gold is often considered a safe haven in times of uncertainty and performs well in low interest rate environments. Gold prices have soared 26.3% this year and have set new historical records several times.
On the other hand, geopolitical tensions surrounding the conflict between Ukraine and Russia are also escalating as Ukraine actively attacks despite warnings from Russia. On May 9, Russia will solemnly celebrate the 80th anniversary of Victory Day - a significant historical milestone with the participation of many international politicians and military corps from many countries participating in the parade at Red Square.
Geopolitical risks often impact the market very quickly and dramatically, gold prices will increase sharply whenever geopolitical risks appear as dangerous as the current situation in Ukraine - Russia.
Technical analysis of
XAUUSD prospectsOn the daily chart, after gold received support and recovered from the confluence area of EMA21 and 0.50% Fibonacci retracement, gold showed prospects of continuing to recover and entering a new technical bullish cycle, bringing price activity back above $3,300.
At the time of writing, gold has reached the weekly target level sent to readers in the weekly publication at $3,371, which is also the current nearest resistance. Once gold remains stable above the 0.236% Fibonacci retracement level, it will have the prospect of continuing to increase with the next target around $3,400 – $3,430 in the short term.
On the momentum front, the Relative Strength Index (RSI) has turned upward with a significant slope after receiving support from the 50 area, which should be considered a positive signal for further bullish expectations.
Intraday, the technical outlook for gold is bullish with the main support from the EMA21, the notable positions will also be listed as follows.
Support: 3,300 – 3,292 – 3,267USD
Resistance: 3,400 – 3,430USD
SELL XAUUSD PRICE 3409 - 3407⚡️
↠↠ Stop Loss 3413
→Take Profit 1 3401
↨
→Take Profit 2 3395
BUY XAUUSD PRICE 3306 - 3308⚡️
↠↠ Stop Loss 3302
→Take Profit 1 3314
↨
→Take Profit 2 3320
Note
🔴Gold SPOT has briefly surged higher by nearly $15 and is currently at $3,380 per ounce.Trade active
Plan SELL +50pips close a part move SL to entry.🔥Note
Note
China increased its gold reserves for the sixth consecutive month in April, highlighting its strategic move to increase its accumulation of the precious metal amid record gold prices and ongoing trade tensions.Note
🔴Gold Spot fell $9, back below $3,300 an ounce, down 0.24% on the day.Note
Gold recovers to $3,245/ozNote
Gold held on to modest gains after weaker-than-expected US inflation data boosted traders' expectations of a Federal Reserve interest rate cut.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
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.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
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.