The price of gold increased by 0.3 % in the New York session on Wednesday, when the spirits of the risk melted after indications that US President Donald Trump may expose his difficult definition position. The yellow metal was traded at a price of $ 2929 in the immediate market, where traders declared the Minister of Trade Howard Lootnick in a television interview that Trump was ready to reach a central land with Canada and Mexico to alleviate the impasse caused by the collective tariff.
Commercial definitions are still in the gold price momentum center
Commercial tariffs were kicked on Tuesday, with a 25 % tariff on imports from its northern and southern neighbors. Likewise, Canada and Mexico began to implement anti -picnics. Elsewhere, the Chinese Ministry of Foreign Affairs weighed an additional 10 % tariff by the United States against Chinese imports. The ministry stated that China was ready for commercial tariffs or “any other type of war” against the United States.
The growing tensions in the global market are likely to push more investors towards the assets of safe haven, preferably continuous gains in gold prices. However, the gains close to gold are likely to be limited after the latest purchasing managers index (PMI). However, the NFP salary numbers scheduled for Friday will have a greater impact on Xauusd pair.
Gold price prediction
The momentum on the price of gold is preferred that buyers be in the case of control if the procedure remains above the axis level at $ 2,916. The immediate resistance is likely to be $ 2,932. However, if buyers extend their control, the price procedure may collapse above this level and the second resistance test at $ 2,945.
On the other hand, a break of less than $ 2,916 will indicate a transformation by momentum to the negative side. With sellers control, the gold price is likely to find the first support at $ 2903. The pace of the upscale trend will be invalid if the price is less than this level. The control by sellers can pay gold to a decrease in a $ 2,890 test.
