Tariff war fueling Gold - countdown to $2,800
Gold has reached a new record high price, surpassing the November peak by approximately $10 at the time of writing.
Political uncertainty in the U.S., particularly concerning trade policy, is fueling the rally. Reports indicate that the Trump administration is "not close at all to making a decision" on China tariffs. Meanwhile, Beijing has signaled flexibility on the future of TikTok, a major sticking point in the tariff negotiations.
However, markets anticipate that new tariffs on two of the U.S.’s closest allies - Mexico and Canada - could be announced on February 1.
From a technical perspective, the daily chart suggests gold could break above $2,800 in the coming sessions. Technical indicators continue to advance within positive levels, nearing overbought territory but still with room for further gains.
Political uncertainty in the U.S., particularly concerning trade policy, is fueling the rally. Reports indicate that the Trump administration is "not close at all to making a decision" on China tariffs. Meanwhile, Beijing has signaled flexibility on the future of TikTok, a major sticking point in the tariff negotiations.
However, markets anticipate that new tariffs on two of the U.S.’s closest allies - Mexico and Canada - could be announced on February 1.
From a technical perspective, the daily chart suggests gold could break above $2,800 in the coming sessions. Technical indicators continue to advance within positive levels, nearing overbought territory but still with room for further gains.
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