Gold Daily | Gold Prices Rise Amid Trade Tensions, Reclaim Key Moving Averages, Eyeing Further Gains

【Latest Gold Price and Recent Trends】

Gold prices rose for the third consecutive day, driven by heightened trade tensions due to new tariffs imposed by President Trump. Spot gold is up 0.5%, reaching $3343, continuing an upward trend.

【Technical Analysis】

Gold has reclaimed the 50-day simple moving average at $3325 and is showing positive sentiment with the RSI rising above the midline. Buyers are targeting the 21-day moving average at $3344, with potential resistance at the 23.6% Fibonacci level of $3377. A failure to maintain above the 50-day moving average could increase selling pressure, testing the 38.2% Fibonacci support at $3297, and possibly accelerating a decline to $3248.

【Market Sentiment and Economic Background】

The announcement of new tariffs, including a 35% tariff on Canadian imports and planned tariffs on other partners, has boosted gold's appeal as a safe haven. Concerns over trade disputes and the Fed's dovish stance have supported demand for gold, despite stable employment levels indicated by recent U.S. data.

【Analyst Opinions】

Analysts note increased demand for gold amidst market uncertainty, with any pullback seen as buying opportunities. The unpredictable trade policies of the Trump administration are weakening investor confidence, reinforcing safe haven demand for gold. Without major U.S. economic data, focus remains on trade headlines, which may influence gold price movements over the weekend.