XAUUSD
Gold hit another record high today at $2,877/ounce, approaching critical resistance levels at $2,890, $2,920 (the trendline connecting consecutive higher lows between February and November 2024), and the psychological checkpoint at $3,000.
Trade war risks between the world’s two largest economies, the U.S. (Trump) and China, are boosting haven demand for XAUUSD. The metal is currently hovering just below the boundaries of its primary uptrend channel, which has been in place from October 2023 to October 2024. A break back into the channel and above the $2,920 barrier could reinforce the long-term bullish trend for gold.
However, if negotiations settle, retracements toward key support levels at $2,820, $2,790, and $2,730 (the previous resistance zone for the November 2024 – January 2025 range) could occur. A close below $2,730 may trigger a deeper bearish scenario for the metal.
Trade war risks between the world’s two largest economies, the U.S. (Trump) and China, are boosting haven demand for XAUUSD. The metal is currently hovering just below the boundaries of its primary uptrend channel, which has been in place from October 2023 to October 2024. A break back into the channel and above the $2,920 barrier could reinforce the long-term bullish trend for gold.
However, if negotiations settle, retracements toward key support levels at $2,820, $2,790, and $2,730 (the previous resistance zone for the November 2024 – January 2025 range) could occur. A close below $2,730 may trigger a deeper bearish scenario for the metal.
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