Gold price rises as trade war tensions remain elevated
Gold continued its upward trend on Friday as the trade war between the U.S. and China escalated and the U.S. jobs report presented mixed signals. XAU/USD is currently trading at $2,862, up 0.24%.
U.S. President Donald Trump's statement regarding the plan to impose retaliatory tariffs on several countries next week provided a positive boost to the gold market. Specifically, this escalation in tensions pushed gold prices higher as the precious metal remains seen as a safe-haven asset. With solid support at 2,841, the bullish momentum for gold has been reinforced. If gold surpasses the resistance at 2,880 and conquers the 2,900-dollar mark, the next key resistance will be the psychological level of 2,950, followed by 3,000 dollars.
With this positive outlook, investors are expecting gold to maintain its upward trend in the short term. However, if gold fails to hold above the 2,841 support and reverses lower, the next support level will be at 2,800 dollars, where a slight pullback may occur before determining the next direction.
U.S. President Donald Trump's statement regarding the plan to impose retaliatory tariffs on several countries next week provided a positive boost to the gold market. Specifically, this escalation in tensions pushed gold prices higher as the precious metal remains seen as a safe-haven asset. With solid support at 2,841, the bullish momentum for gold has been reinforced. If gold surpasses the resistance at 2,880 and conquers the 2,900-dollar mark, the next key resistance will be the psychological level of 2,950, followed by 3,000 dollars.
With this positive outlook, investors are expecting gold to maintain its upward trend in the short term. However, if gold fails to hold above the 2,841 support and reverses lower, the next support level will be at 2,800 dollars, where a slight pullback may occur before determining the next direction.
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