Gold is in an extremely strong setup

Feb 14

While a weaker USD is the main driver pushing gold prices higher, this stems from two factors, including tariff concerns and January's Producer Price Index (PPI) report.

Anxiety continues to increase after US President Donald Trump's announcement of imposing reciprocal tariffs on countries that tax imports from the US. Besides, the US has just released the January PPI index, showing that producer prices increased by 0.4% this month.

"Gold is in an extremely strong setup. As the USD strengthens, we are seeing a surge in gold buying from Asia, including central banks, retail investors, and financial funds."

Feb 14

Trade active

Currently, gold price bulls (bulls) have the upper hand in the short term, as gold prices maintain an upward trend on the daily chart. Their next goal is to bring the gold price above the important resistance level at 3,000 USD/ounce. On the contrary, those who predict price declines (sellers) want to drag prices below the strong support level at 2,800 USD/ounce.