Gold prices edged up on Monday as concerns about upcoming retaliatory tariffs imposed by U.S. President Donald Trump and the possibility of a Federal Reserve rate cut this year supported the metal's safe-haven appeal.
Gold hit a record high of $3,057.21 an ounce last Thursday as trade tensions boosted safe-haven demand. Non-yielding bullion is seen as a hedge against geopolitical uncertainty, economic uncertainty and inflation.
The Fed kept its benchmark interest rate unchanged at 4.25%-4.50% last week, as expected. Policymakers see the U.S. central bank making two 25 basis point cuts by the end of the year.
XAUUSD trading strategy around the price zone:
SELL XAUUSD around 3036-3038
Stoploss: 3042
Take Profit 1: 3032
Take Profit 2: 3028
Take Profit 3: 3023
BUY XAUUSD around 3000-3002
Stoploss: 2995
Take Profit 1: 3007
Take Profit 2: 3012
Take Profit 3: 3020
Note: Always set Stoploss in all cases to be safe
Gold hit a record high of $3,057.21 an ounce last Thursday as trade tensions boosted safe-haven demand. Non-yielding bullion is seen as a hedge against geopolitical uncertainty, economic uncertainty and inflation.
The Fed kept its benchmark interest rate unchanged at 4.25%-4.50% last week, as expected. Policymakers see the U.S. central bank making two 25 basis point cuts by the end of the year.
XAUUSD trading strategy around the price zone:
SELL XAUUSD around 3036-3038
Stoploss: 3042
Take Profit 1: 3032
Take Profit 2: 3028
Take Profit 3: 3023
BUY XAUUSD around 3000-3002
Stoploss: 2995
Take Profit 1: 3007
Take Profit 2: 3012
Take Profit 3: 3020
Note: Always set Stoploss in all cases to be safe
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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.