GOLD approaching 2,900USD, conditions for correction endOANDA:XAUUSD Spot delivery remains high after yesterday's strong increase and the current gold price is at about 2,887 USD ounce, equivalent to a decrease of 0.20% on the day, limited by the lower edge of the technical price channel and the EMA21.
Geopolitical tensions and impending tariffs have boosted gold prices. Gold prices continue to rise again, but no other price increases have been confirmed yet.
Spot gold prices rose more than 1% on Monday, recovering from a three-week low hit in last week's final trading session, as a weaker U.S. dollar and U.S. President Trump's tariff policies spurred safe-haven buying.
On Monday local time, US President Trump said at a press conference that the US would impose 25% tariffs on Canada and Mexico on March 4 and said there was no room for negotiations with these two US allies.
Additionally, the US government announced it will impose an additional 10% tariff on Chinese products exported to the US starting March 4, citing fentanyl and other issues.
Mr. Trump also said on Monday that the United States would impose "reciprocal tariffs" starting April 2 and would impose tariffs on countries that devalue their currencies as sanctions. In addition, Trump said on social networks that the United States will impose tariffs on "foreign" agricultural products from April 2.
Analysis of technical prospects for OANDA:XAUUSD
After recovering from the support area noticed by readers in the previous issue at the area of 2,850 - 2,835 USD, gold has achieved the first target level at 2,880 USD and then approached the next target level at the original price point of 2,900 USD. It is also limited by the original price point of 2,900 USD when this is also the confluence of the lower edge of the price channel and EMA21.
Once gold breaks the $2,900 level and trades above it, it will be primed to continue rising, marking the end of the downward correction with a target then $2,942 in the short term, more than the location of the all-time peak.
The relative strength index is also receiving support from the 50 level, if bullish momentum takes it back above the 60 level, this will be a positive signal for gold price upside on the technical chart.
During the day, the technical outlook for gold prices is recovery with the condition of ending the above adjustment cycle, notable positions will also be listed as follows.
Support: 2,880 – 2,868USD
Resistance: 2,900 – 2,942USD
SELL XAUUSD PRICE 2921 - 2919⚡️
↠↠ Stoploss 2925
→Take Profit 1 2913
↨
→Take Profit 2 2907
BUY XAUUSD PRICE 2858 - 2860⚡️
↠↠ Stoploss 2854
→Take Profit 1 2866
↨
→Take Profit 2 2872
