Bot Window | Bot Window

Gold prices ease ahead of 'Liberation Day' tariff announcement

Gold retreated from $3135 erasing its early Asian session's gains but managed to hold above $3100. Suspense surrounds the market as countdown for Trump's reciprocal tariffs begins. In just few hours, President Trump will be unveiling sweeping tariffs from the Rose Garden of White House targeting multiple nations in order to reduce America's dependency on foreign goods. Adding to market uncertainty, ADP Non Farm Employment change numbers will be released later today. Market participants are expecting the US private sector payrolls to increase by 118k which could influence Fed's decision to hold rates steady providing support to the US Dollar.

XAU/USD TECHNICAL OVERVIEW

RSI hovers at 75 level signaling overbought conditions which might limit bullish momentum. Prices might test the critical support at yesterday's low of $3100 below which the selling pressure would accelerate.
On the flip side, prices might draw support from tariff news and unsettling markets to clear the day's high of $3135 above which Gold can continue its upward rally.

Gold Structure: Spinning Top on Daily, Tweezer Top on 4hr, Lower High Formation on 1hr.

Intraday Strategy/ Intraday Trend: Buy on Supports, Sell on Resistance/ Neutral

Weekly Trend: Extremely Bullish

Major Resistance: 3127, 3135, 3149

Major Support: 3110, 3100, 3094