Gold prices reached a fresh record past $2,900 on Monday as US President Donald Trump announced 25% tariffs on steel and aluminum imports. The move has investors bracing for inflation data later this week, which could further fuel the gold price surge.
Since breaking out of a symmetrical triangle last month, gold’s price has continued to rise sharply, indicating a strong uptrend. Investors should keep an eye on key support levels around $2,790, $2,530, and $2,430, as these areas may attract buying interest during pullbacks.
The prospect of looming trade wars is clouding the global growth outlook, prompting investors to seek safe-haven assets like gold. Gold’s next cue will come from this week’s inflation data, which could boost rate cut expectations and make non-yielding gold more attractive than its interest-bearing alternatives.
A 25% tariff on steel and aluminum imports has investors optimistic about gold’s potential for further gains. The current uptrend is supported by a symmetrical triangle signal, with the relative strength index (RSI) confirming bullish price momentum. A measured move technique also suggests an upside target of $3,098, which could mark a significant increase in gold prices.
Inflation data this week may provide the next catalyst for gold prices. Investors should watch for key support levels and buy-and-hold opportunities, particularly around $2,430, where a trendline of a rectangle formed on the chart between April and July last year provides additional support.
Source: https://www.investopedia.com/gold-mints-a-fresh-record-high-amid-tariff-inflation-concerns-watch-these-price-levels-8789699