Gold Heads for Fourth Consecutive Strong Gain, Supported by Trump

In the Asian trading session, spot gold (XAUUSD) continued its upward trend, surpassing $3,145 per ounce, marking a daily increase of more than $24.

The global trade war has raised concerns in the markets, pushing gold prices to new highs. Gold prices have surged 8% in March and have been on a three-month winning streak this year.

Gold has gained more than 18% year-to-date, following a 27% increase last year, supported by a favorable monetary policy environment, strong central bank purchases, and demand for gold-backed exchange-traded funds (ETFs).

Trump: Tariff Details May Be Announced Soon (According to Bloomberg)

On Monday (local time), U.S. President Donald Trump stated that details regarding tariffs could be announced late Tuesday (April 1) or April 2.

Trump also mentioned that the U.S. would be “very friendly” compared to other countries and that tariffs might be significantly reduced in certain cases. Later, Trump returned to the tariff issue, adding, “The tariff plan is already in place.”

White House spokesperson Karoline Leavitt said on Monday that President Trump will announce a “reciprocal tariff” plan on a country-by-country basis at the White House Rose Garden on April 2, and no tariff exemptions are currently being considered.

In the latest escalation of the trade war, Trump is preparing to impose broad reciprocal tariffs on all U.S. trade partners on Wednesday, a day he refers to as “Liberation Day.” Trump also plans to implement a 25% tariff on all non-U.S.-made automobiles this week.

When asked about the reciprocal tariffs and which countries would be affected, Leavitt declined to provide details. In response to whether lower tariffs would be applied to products used by American farmers, Leavitt stated, “There are currently no exemptions.”

On Sunday, Trump also announced that he would impose secondary tariffs ranging from 25% to 50% on buyers of Russian oil if he believed Russia was obstructing U.S. efforts to end the war in Ukraine.

Technical Analysis of Gold Price (XAUUSD)

Gold is heading for its fourth consecutive strong day of gains, breaking through the 0.618% Fibonacci extension level at $3,139, with the next target at the 0.786% Fibonacci extension level at $3,177.

With the current technical conditions, there are no significant barriers or signals suggesting a major downward correction.

In the medium-term, gold remains in an upward trend, highlighted by channel (a), with the short-term trend defined by a green channel. As long as gold remains above the EMA21, the long-term technical trend remains bullish.

Meanwhile, the Relative Strength Index (RSI) is in the overbought territory but has not signaled any imminent downward correction.

For today, the technical outlook for gold remains bullish, with any short-term dips considered temporary pullbacks or buying opportunities. The key levels to watch are as follows:

Support: $3,139 – $3,128 – $3,113

Resistance: $3,177

That concludes today’s analysis. Wishing our readers a productive and successful day.

BestSC – Editorial, Analysis, and Publishing

Trans: infofinance.com