Gold price update: Strong drop!

3 天前

Hello everyone, do you think XAUUSD should be bought or sold?

At the start of the new trading session, spot gold is trading at $2,877 per ounce, marking a sharp decline of $40 from the previous session's $2,917 per ounce.

The drop in gold prices was driven by conflicting statements from U.S. President Donald Trump regarding tariffs. He announced that tariffs would be applied to many goods, but not all, creating uncertainty in the market. Additionally, Trump confirmed that a 25% tariff on imports from Mexico and Canada would take effect on March 4.
Moreover, imports from China will face an additional 10% tariff, while cars and certain other products from Europe will be subjected to a 25% tariff, although no further details were provided.

These announcements triggered market volatility, prompting investors to sell off gold to secure profits. Today’s gold price movement is largely bearish, as reflected by the unchanged EMA 34 and 89 trend lines.
Pay close attention to the $2,850 support level, where the price may consolidate before continuing its downward trend, as indicated on the 4-hour chart.

3 天前

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