Gold Hits Milestone $ 3000, as it provides customs tariffs and war rhetoric is an ideal storm

summary:
• The high rhetoric of war between Russia and Ukraine and the escalation of the trade tariff war corresponds to providing the price of gold with the back winds.

The price of gold rose to the highest historical levels of $ 3,005 an ounce on Friday, as merchants sought to expand the scope of a possible luxury in the letter of the tariff war during the weekend. The yellow metal appeared after US President Donald Trump’s threats that it could impose a 200 % tariff against alcoholic imports of the European Union.

A tariff, Russia-Ukraine war provides gold winds with gold

Trump’s move was 50 % in response to the European Union’s tariff for whiskey imports from the United States, as it is a 25 % counter -width on steel and aluminum imports. The US President is not ashamed to issue large ads moving in the market during the weekends, and investors are keen to cover their negative aspect in the event of any such ads. This rear wind is likely to provide Xauusd to the weekend. Trump also raised the definitions of Chinese imports by at least 20 % last week.

In addition to the ecological tariff system, the price of gold is also supported by escalating hostilities between Russia and Ukraine. The two countries have started participating in the US -led ceasefire negotiations held in the Kingdom of Saudi Arabia.

However, there was a noticeable height in drones and missile strikes rising this week. This has added the geopolitical risk allowance to the price of gold, and momentum may flow next week and beyond. However, the return on US Treasury bonds for 10 years has increased by more than two basic points, and this is likely to limit the gains of gold.

Gold price prediction

Gold prices are valid at $ 2,979 and the upward trend will continue if the procedure remains above this level. This momentum is likely to fulfill the first obstacle of $ 3000. However, the expanded control by buyers will break this level and test the second resistance at $ 3,020.

Instead, the momentum can turn into the downside if Xauusd collapses to less than $ 2,979. If this happens, it is possible that the gold price will find its first support at $ 2,960. The bullish direction would be invalid if the price is less than this level. Moreover, this momentum can extend the downside to test $ 2,945.