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Gold hits fresh all-time high after Trump’s reciprocal tariff. It hits an all-time high at $3167 and is currently trading around $3127.
Tariffs Fuel Safe-Haven Demand
Donald Trump's retaliatory tariffs have significantly amplified economic uncertainty and market volatility, driving demand for safe-haven assets like gold to new heights as investors sought shelter from growing trade tensions, inflation pressures, and a weakening US dollar, driving increased risk aversion and portfolio diversification into safer assets.
Rate Cut Expectations Rise
According to the CME Fed Watch tool, the chances of a rate cut in June 18th 2025 meeting have increased to 60.1% from 58.40% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short term moving average 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4 hour chart. Immediate support is at $3100 and a break below this level will drag the yellow metal to $3068/$3025/$2995/$2956/$2920/$2900/$2880. The near-term resistance is at $3170 with potential price targets at $3200/$3255.
It is good to sell on rallies around $3178-80 with a stop-loss at $3200 for a target price of $2835.
