- Gold prices hold bullish bias amid concerns over Trump's tariffs and global trade war.
- Sliding US Bond weighs USD and provides additional support for precious metals.
- Fed Hawkish Outlook can reduce the Xau/USD pair in slightly purchased terms.
Gold Price (XAU/USD) reaches a fresh peak during early European sessions on Thursday, confirming breakouts in the short-term trading range. President Donald Trump's fresh threat to impose tariffs on imports has dampened investors' desire for risky assets and continues to take over the demand for safe haven bullion. A global flight to safety will lead to a downfall in US Treasury bond yields.
Meanwhile, the Hawkish FOMC meeting minutes released Wednesday reaffirmed the market's expectations for a suspension of fee extensions by the Federal Reserve. This could serve as a tailwind for US bond yields and greenback. Additionally, slightly bought terms on the daily chart could further hinder traders from making fresh bullish bets around Xau/USD. Nevertheless, the basic background supports the outlook for further evaluation movements.
As global trade tensions rise, interest on purchases at gold prices remains unabated
- President Donald Trump said Wednesday that he would announce heavy tariffs on more products next month or sooner, increasing the risk of further escalation of trade tensions and supporting safe gold prices.
- U.S. Secretary of Commerce Howard Lutnick said in an interview with Fox News that Trump's goal is to abolish the Internal Revenue Service and pay all outsiders. Meanwhile, Trump said a new trade deal with China is possible.
- The US dollar has struggled to capitalize on the conservative recovery benefits registered over the last two days amid a new foot in US Treasury bond yields, and another factor lending additional support to precious metals It turns out to be.
- In minutes of the final FOMC policy meeting in January announced Wednesday, officials need to take a cautious approach to central banks when considering further interest rate cuts. It has been revealed that he pointed out sexuality.
- Federal Reserve Vice Chairman Philip Jefferson said that while the US economic performance is very strong, the US labor market is solid and inflation is easing, it is still rising, and the road to return to the 2% inflation target is He said it could be bumpy.
- Chicago Federal President Austan Ghoolsby said inflation has declined, but it is still overweight and charges could increase if inflation drops. However, this cannot impress the US dollar bull or affect the non-unusual yellow metal.
- Thursday's US Economic Docket features the usual weekly first unemployment claims and the Philadelphia Fed's manufacturing index. This could drive the USD and XAU/USD pair, along with speeches from influential FOMC members.
- The market focus will then shift to the release of Flash Global PMI on Friday. This should provide new insights into global economic health and provide some meaningful driving force for safe haven products.
Gold Price Bulls are not ready to give up despite being bought a little each day
From a technical standpoint, the daily relative strength index (RSI) is held above the 70 mark, and bullish traders need some attention. This suggests that gold prices are likely to extend to price actions bound to the one-week-old range. Nevertheless, the short-term bias remains firmly leaning in favor of bullish traders, suggesting that the path with the least resistance of the Xau/USD pair remains an advantage. Sustained intensity beyond the $2,945-$2,950 area marks new breakouts through the short-term range and integration phase. This sets the stage of an extension of the well-established uptrends seen over the past two months or so.
Meanwhile, a corrective pullback below the $2,928 immediate support is considered a $2,918 local purchase opportunity, or a low overnight swing, and remains limited to the $2,900 mark. This is followed by horizontal support of $2,880. This allows you to drag gold prices into the $2,860-$2,855 area towards the $2,834 zone if it breaks. Some follow-through sales will mark the $2,815 area falling before the XAU/USD pair finally drops to the $2,800 mark and the next associated support near the $2,785-$2,784 area. It needs to be opened.
Today's US Dollar Price
The table below shows the rate of change in the US dollar (USD) against today's listed currencies. The US dollar was the strongest against the Canadian dollar.
| USD | EUR | GBP | JPY | CAD | aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | -0.03% | -0.95% | 0.00% | -0.26% | -0.30% | -0.18% | |
| EUR | -0.00% | -0.03% | -0.99% | 0.00% | -0.27% | -0.30% | -0.20% | |
| GBP | 0.03% | 0.03% | -0.91% | 0.03% | -0.24% | -0.27% | -0.15% | |
| JPY | 0.95% | 0.99% | 0.91% | 0.96% | 0.70% | 0.62% | 0.77% | |
| CAD | -0.00% | -0.00% | -0.03% | -0.96% | -0.26% | -0.30% | -0.18% | |
| aud | 0.26% | 0.27% | 0.24% | -0.70% | 0.26% | -0.03% | 0.07% | |
| NZD | 0.30% | 0.30% | 0.27% | -0.62% | 0.30% | 0.03% | 0.12% | |
| CHF | 0.18% | 0.20% | 0.15% | -0.77% | 0.18% | -0.07% | -0.12% |
The heatmap shows the rate of change of each other's major currencies. The base currency is selected from the left column, and the estimated currency is selected from the top row. For example, if you select US dollars from the left column and move along the horizon to Japanese Yen, the rate of change shown in the box represents USD (base)/JPY (QUOTE).
