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Reaching $3000 Is Just Around the Corner
Summary:
The global trade uncertainties brought about by the Trump administration's tariff policies have boosted the safe-haven demand for gold.
CLOSED
2882.09
Entry Price
2960.00
TP
2865.00
SL
2935.98 -3.28 -0.11%
170.9
Pips
Loss
2865.00
SL
2864.84
Exit Price
2882.09
Entry Price
2960.00
TP
Fundamentals
Since February, gold has continuously hit new all-time highs. As of February 11, gold reached a new high of 2942.54, with a gain of over 150 US dollars in February.
Trump administration introduced a series of new tariff measures in February, especially the additional tariffs on steel and aluminum products. It was the main factor driving gold prices higher, which tightened the global trade environment again. Such policies not only increased the costs of enterprises but also put pressure on the global supply chain and the prospects of economic growth. Trade frictions usually trigger rising inflation expectations because tariffs push up the prices of imported goods, and rising inflation greatly increases the attractiveness of gold as an inflation-resistant asset.
At the same time, trade uncertainties have made investors prefer to hold physical assets and safe-haven assets. Gold, as a traditional "safe-haven" asset, has thus been sought after. Currently, the market generally believes that if trade frictions escalate, the safe-haven demand for gold will rise further, and it won't be long before gold breaks through the 3,000.00 mark.
Technical Analysis
Gold shows a strong upward trend in the 4H chart, and it has continued to rise strongly along the 20-day moving average. However, the RSI indicates that gold is currently in the overbought area, and the short-term upward momentum may decline later. Nevertheless, the moving average system still shows a bullish pattern, suggesting a strong continuity of the upward trend, and the medium-to-long-term trend remains bullish.
At present, after hitting an all-time high of 2942.54, gold has currently pulled back to around the 20-day moving average and is also near the support level of 2882.00. Moreover, the 4H chart shows signs of stabilizing, and the upward trend may continue. Thus, the first target for the upward movement will be the 2.618 Fibonacci retracement (2968.80). If gold falls below the 20-day moving average, it will enter a deeper correction phase, and the first target for the correction will be the support level of 2840.00.
Buying at lows is recommended.
Trading Recommendations
Trading direction: Buy
Entry price: 2882.00
Target price: 2960.00
Stop loss: 2865.00
Valid Until: February 26, 2025, 23:00:00
Support: 2881.55/2840.00/2830.11
Resistance: 2908.53/2942.54/2968.80
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