XAUUSD (Gold) rose towards $2,900 per ounce on Tuesday, buoyed by a weaker US dollar and increased safe-haven buying as trade concerns intensified.
Picture: XAUUSD advances to $2896.00, eyeing resistance at $2900.47 amid renewed bullish momentum, as seen on the VT Markets app.
XAUUSD rose by 0.25%, opening at $2888.83 and closing at $2896.00. The precious metal tested higher levels, reaching a peak at $2900.47, before finding support near the session low of $2880.31, indicating moderate bullish sentiment.
The moving averages (MA 5, 10, 30) highlight a short-term bullish crossover, suggesting an emerging uptrend. The MACD (12,26,9) histogram confirms this bullish sentiment, crossing above zero and showing strengthening upward momentum.
Immediate support lies around $2880.23, with stronger support identified near $2870. A break below these levels might indicate renewed bearish pressure. Meanwhile, resistance at $2900.47 is the critical barrier; surpassing this could propel the price towards $2910–$2920.
Sentiment soured further after President Trump implemented 25% tariffs on Canadian and Mexican imports and doubled duties on select Chinese goods to 20%. Retaliatory measures, especially China’s increased tariffs on US agricultural products, raised fears of broader economic disruptions.
Market participants remain focused on upcoming US inflation figures for signals regarding the Federal Reserve’s next move. Fed Chair Jerome Powell highlighted ongoing economic uncertainty but signalled limited urgency for immediate rate cuts, leaving market participants cautious.
Traders should closely monitor US economic data and ongoing trade developments, as they will significantly influence gold’s price direction in the near term. A sustained break above $2,900.47 may encourage further upside momentum, while renewed dollar strength could limit gold’s gains.
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