Tariffs is currently the only word that occupies investors' sentiment. Tariff- induced rhetoric of the US Administration and other world governments is strongly impacting market uncertainty, bringing high volatility to traditional markets. During this period, the price of gold significantly gained in value, strongly supported by tariffs-paradox.
During the previous week, the long term line connecting highs from April and October 2024 was clearly breached. The price of gold reached a fresh, all time highest level at $3.240, reached on Friday's trading session. The price of gold is currently moving in an uncharted territory. The RSI for one more time reached the clear overbought market side, ensign the week at the level of 71. There are no changes with MA 50 and MA200, as they continue to move as two parallel lines with an uptrend.
Gold had always been perceived as a safe-haven for funds, and as a historical holder of the value. This is one of the main reasons why the price of gold strongly gained during the previous period. It is currently driven by fundamentals, and there is a high probability that fundamentals will continue to support the price of gold in the future period. As it is currently moving in an uncharted territory, there is a challenge to predict any level to the upside in the coming period. However, in case of a modest reversal, the price of gold might revert back, until the levels around the $3.170.
During the previous week, the long term line connecting highs from April and October 2024 was clearly breached. The price of gold reached a fresh, all time highest level at $3.240, reached on Friday's trading session. The price of gold is currently moving in an uncharted territory. The RSI for one more time reached the clear overbought market side, ensign the week at the level of 71. There are no changes with MA 50 and MA200, as they continue to move as two parallel lines with an uptrend.
Gold had always been perceived as a safe-haven for funds, and as a historical holder of the value. This is one of the main reasons why the price of gold strongly gained during the previous period. It is currently driven by fundamentals, and there is a high probability that fundamentals will continue to support the price of gold in the future period. As it is currently moving in an uncharted territory, there is a challenge to predict any level to the upside in the coming period. However, in case of a modest reversal, the price of gold might revert back, until the levels around the $3.170.
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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.