Gold Daily | Spot Gold Rebounds on Tariff Threats, Eyes Breakout Above $2750 Amidst Bullish Momentum

【Latest Gold Price and Recent Trends】

The latest price of spot gold is around $2727 per ounce, experiencing a strong rebound with a daily increase of nearly $20. The upward trend is driven by increased market risk aversion due to U.S. President Trump's tariff threats, targeting a potential breakout above $2750 per ounce.

【Technical Analysis】

Gold prices exhibit strong bullish momentum, aiming at the resistance level of $2742 per ounce. The daily chart indicates a continuing bullish outlook, with prices remaining above key simple moving averages, supporting this trend. The Relative Strength Index (RSI) above 63 enhances this upward potential. Should a correction occur, support levels are at $2700 and $2670, with further downside targets at $2658.

【Market Sentiment and Economic Background】

Market sentiment is heavily influenced by Trump's tariff threats, which have stirred risk aversion. The prospect of broad universal tariffs, particularly against Mexico, Canada, and potentially Europe, has heightened inflationary fears and the threat of a trade war. This has bolstered gold as a safe haven. The broader economic backdrop includes a weaker dollar and lower actual yields, further supporting gold prices.

【Analyst Opinions】

Analysts suggest that Trump's tariffs and trade policies contribute to economic uncertainty, sustaining gold's appeal as a safe haven. FXStreet analysts note the focus on historical highs as investors gauge the impact of Trump's second term, with gold's next target at the historical high of $2790 per ounce. High Ridge Metals and OANDA analysts underscore the persistent uncertainty from Trump's policies as a key factor supporting gold demand.