Gold’s price (XAU/USD) pops higher and prints a fresh all-time high above $2,900 at the time of writing on Monday. The move comes after United States (US) President Donald Trump said he would announce "reciprocal tariffs" on many countries on Tuesday or Wednesday, adding to increasing uncertainty in global financial markets. On Sunday, US President Trump said a 25% levy would apply for all steel and aluminum imports into the US, but did not say when they would be applied.
Meanwhile, traders will focus on Federal Reserve (Fed) Chair Jerome Powell’s semi-annual testimony to lawmakers on Tuesday and Wednesday for fresh clues about the path forward for US monetary policy. Powell is likely to highlight the resilient economy as a key reason central bankers are in no rush to cut borrowing costs further. This is a tail risk for Gold as, in theory, it would be a bearish element for bullion.
It's a new week, and the Gold price is already rallying over 1% and printing a fresh all-time high in early trading. Risks with the headline from President Trump are that they will start to be priced in by the time the US session gets underway. The path is quite straightforward, with $3,000 nearing quickly, though quick profit-taking could be just around the corner.
The Pivot Point level on Monday is the first nearby support at $2,866, followed by the S1 support at $2,846. From there, S2 support should come in at $2,832. In case of a correction, the bigger $2,790 level (October 31, 2024, high) should be able to catch any falling knives.
On the upside, the R1 resistance comes in at $2,881, which was already broken earlier this Monday. In case the rally follows through in the European and US sessions, the $2,900 level, which is the confluence of a big figure and the R2 resistance, will be tested for a break to the upside.
XAU/USD: Daily Chart
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