- summary:
- The price of gold is likely to remain in the climbing path, as risk morale is suspended on commercial relations between the United States of China. But there is more.
The price of gold was closed the week in a high note, as it ended the trading session on Friday with $ 2,237 with +1.97 % in the daily gains. The commodity is likely to remain in the rising path regarding the escalation of the mass tariff war between the United States and China. Gold has risen to new levels of $ 3,245 in the previous hours of trading, as merchants sought to protect a safe haven despite US President Donald Trump’s suspension of the 90 -day tariffs with the exception of China, Canada and Mexico.
China raised its tariff against the United States to 125 % of revenge over the recent tariff that was announced earlier. This has sparked the possibility of an extreme strict stance between the two largest economists in the world. Meanwhile, the DXY index, which measures the strength of the dollar against six of the most popular currencies, fell to 99.014 on Friday; The lowest level in three years.
Trump’s introductory war added descending pressure on the US dollar, which is confirmed by stagnation concerns. This feeling was clear in the US Treasury Market on April 4, when the return on US Treasury bonds decreased for 10 years to 3.80 %, the lowest level in six months. The repetition of this in the coming days is not only possible, especially in the face of the dark cloud due to the uncertainty in the tariff of trade. This will add pressure to the US dollar and provide the price of gold.
Gold price prediction
Gold prices prevail at $ 3,228, and the upward trend will prevail if the procedure remains above this level. The resistance is likely to be the first at $ 3,240. The breaking of this level will indicate an extended control by buyers, and the resulting momentum can push Xauusd to the top to test 3,250 dollars.
On the downside, the price can move to the downside path if it decreases to less than 3228 dollars. This first support that was created at $ 3,216 can witness. The bullish direction would be invalid if the price is less than this level. Moreover, the controlled control element by sellers takes the price lower and is likely to test $ 3,207.
