Precious metal continues to scale record highs but there’s a strong resistance lying in the near term. Can bulls take out $3,090?
$3,080 is broken by Bullion
Prices of gold Early Friday morning saw XAUUSD surge to a new all-time high of $3,080 per ounce, continuing the run that began on Thursday. Following Donald Trump’s apparent determination to enact his hard-line tariffs, which have the potential to rewrite decades-long global trade policy, bullion dealers sensed a sudden rush to buy more of the yellow metal.
Trump’s punitive tariffs have now targeted the car industry, with a 25% penalty set to go into force on April 3. However, a comprehensive tariff plan will be unveiled first. What’s that about?
The Tariff Deadline Is Approaching. Is Gold Included?
The date that has investors and dealers on edge is April 2. At that point, the White House will make public its list of nations and tariffs, allowing each nation to see how it has been treated. Will there be industries or sectors for this? Will there be exceptions? And, the question that gold bugs are most interested in, will there be gold?
This enormous purchase is being driven by the possibility of gold being hit with a tariff. Everyone, including US dealers, big investors, and central banks, is scrambling to seize more gold before Trump adds it to his list.
Is It Dawn When We Ride, Technicians?
That’s enough; let’s get into the specifics. At $3,090, gold’s upward trend is examining a potentially strong resistance level. The daily chart’s ascending channel is set to intersect there, which might set off a bearish reaction that would attempt to push the price back into the trend.
We may see some consolidation around the $3,100 mark if the bulls take control of that level. This would be a new record as well as a psychological milestone where many shorts may be waiting to be executed.
