Gold Mints a Fresh Record High Amid Tariff, Inflation Concerns—Watch These Price Levels | Global News Avenue

Gold (House) On Monday, President Trump announced that prices soared to a new record of $2,900 25% tariff on steel and aluminum imports Investors paid inflation data later this week.

The looming prospect trade war Continue to cast shadows on the global growth outlook and prompt investors to flock to gold, haven Assets, a way to hedge against increased economic uncertainty.

The next tip for gold may come from this week’s Inflation data due Wednesday. Weaker reading than expected will enhance the basis of commodity gatherings Rate cut expectationsmaking non-yield gold more attractive than alternatives to its interest.

Next, we break down technology On gold Weekly chart And determine several important price levels to pay attention to.

Symmetric triangle signal bullish

Since the outbreak Symmetric triangle Last month, gold prices continued to rise sharply, indicating continue A strong upward trend in commodities.

and, Relative Strength Index (RSI) Confirm bullish price momentum with readings above 70 thresholds, although the indicator also points to Overbought Conditions may lead to near-term profits.

Let’s apply Technical Analysis Projecting potential upward space Price target And find some important ones Support level Yellow metals can arouse buying interest during the callback.

Measured moving target target

Investors can use measured mobile technology to project upward targets, also known as chart observers Measurement principle.

When applying the analysis to the gold chart, we calculate the distance to the trend before the symmetric triangle and add that quantity from the beginning of the product’s current movement. For example, we added $502 to $2,596, which targets $3,098, which is about 6% higher than the current trading level, and the price may experience A merge stage.

Such continued actions will also complete the basic Elliott The pattern comes with five different fluctuations.

Key support level to the eyes

period answerinvestors should initially focus on the $2,790 level, and the location on the chart may provide support around October peakwhich also marks the top of the symmetrical triangle.

The Bulls’ inability to defend this level of price could drop the price to around $2,530. Product Discovery confluence Starting from a brief merger period last August, support in the field, symmetric triangles and nearby 50-period moving average.

Finally, a more important drop was gold prices revisiting lower support to open the door at the $2,430 level. Investors can look for Buy Opportunities in the area are near rectangle This was formed on the chart between April and July last year.

Comments, opinions and analysis expressed by Investopedia are for informational purposes only. Read ours Warranty and liability disclaimer For more information.

As of the date of writing this article, the author does not own any of the above securities.