Gold prices are currently hovering around $2,872 an ounce, reflecting the strong market volatility caused by President Donald Trump's tariff policies. On March 1, Trump signed an executive order requesting a national security investigation into imported lumber, bringing the total number of tariff investigations in the past 10 days to three.
He previously announced plans to maintain a 25% tariff on goods from Canada and Mexico, along with an additional 10% tariff on goods from China, raising concerns about the possibility of a full-blown tariff war.
Meanwhile, the US Federal Reserve (Fed) forecast that the US economy could face negative growth in the first quarter of 2025, leading the market to believe that the Fed will have to cut interest rates to support growth.
This week, important reports such as non-farm payrolls and the European Central Bank's policy decision on Thursday will continue to be in the focus of investors' attention.Gold (XAU/USD) remains bearish, with an unfilled gap at 2,887 - 2,837. After a slight rebound to fill the gap, the price may face strong selling pressure at the important resistance zone, especially when it meets the confluence with EMA 34 & 89, increasing the possibility of a bearish reversal. If rejected here, XAU/USD may continue to slide to 2,851 - 2,837, even extending the decline to deeper support levels.
In addition to technical factors, the upcoming US ISM PMI manufacturing data may have a big impact on the USD. If the PMI is above 50, the economy expands, the USD strengthens, creating downward pressure on gold. Conversely, if the PMI is lower than expected, the USD weakens, which may help XAU/USD hold support.
Sell around 2.887 - 2.837, stop-loss above 2.900, target 2.851 - 2.837.
Sell when price breaks 2.843, confirming a stronger downtrend.
Buy for short if price reacts strongly at 2.837, expecting a recovery to previous resistance.
He previously announced plans to maintain a 25% tariff on goods from Canada and Mexico, along with an additional 10% tariff on goods from China, raising concerns about the possibility of a full-blown tariff war.
Meanwhile, the US Federal Reserve (Fed) forecast that the US economy could face negative growth in the first quarter of 2025, leading the market to believe that the Fed will have to cut interest rates to support growth.
This week, important reports such as non-farm payrolls and the European Central Bank's policy decision on Thursday will continue to be in the focus of investors' attention.Gold (XAU/USD) remains bearish, with an unfilled gap at 2,887 - 2,837. After a slight rebound to fill the gap, the price may face strong selling pressure at the important resistance zone, especially when it meets the confluence with EMA 34 & 89, increasing the possibility of a bearish reversal. If rejected here, XAU/USD may continue to slide to 2,851 - 2,837, even extending the decline to deeper support levels.
In addition to technical factors, the upcoming US ISM PMI manufacturing data may have a big impact on the USD. If the PMI is above 50, the economy expands, the USD strengthens, creating downward pressure on gold. Conversely, if the PMI is lower than expected, the USD weakens, which may help XAU/USD hold support.
Sell around 2.887 - 2.837, stop-loss above 2.900, target 2.851 - 2.837.
Sell when price breaks 2.843, confirming a stronger downtrend.
Buy for short if price reacts strongly at 2.837, expecting a recovery to previous resistance.
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Disclaimer
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