Gold prices renewed their upward push after president Trump said 25% tariffs on imported cars and light trucks would begin on April 3. Analysts forecast that gold price benefits from president Trump’s import tariff policy as higher global uncertainty increases gold’s demand due to its safe-haven nature. Earlier this week, Bank of America upgraded its price target on gold to $3,500 per ounce over the coming 18 months from $3,000 previously. Analysts point that uncertainty around Trump administration trade policies could continue to push the USD lower, further supporting gold prices near-term. Before Bank of America upgrade the Macquarie Group predicted the precious metal will touch $3,500 in the third quarter of this year. And JPMorgan analysts asked in a client note “could the $4,000 mark be just around the corner?" The note stated "heading into 2025, gold remained our top bullish pick for a third consecutive year in a row." Rising global uncertainty as president Trump uses tariffs as a major policy tool is bullish for gold prices.
| Indicator | VALUE | Signal |
|---|
| RSI | | Sell |
| MACD | | Buy |
| Donchian Channel | | Buy |
| MA(200) | | Buy |
| Fractals | | Sell |
| Parabolic SAR | | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 3082.22 |
| Stop loss | Below 3033.34 |