GOLD MARKET ANALYSIS AND COMMENTARY - [Feb 03 - Feb 07]
Gold prices have just completed an accumulation period and this week broke out to a record high. Specifically, gold price increased quite strongly from 2,732 USD/oz to 2,817 USD/oz, then decreased and closed the week at 2,799 USD/oz.
The White House announced that from February 1, 2025, the US will impose a tax of 25% on imports from Canada and Mexico, and 10% on goods from China. This information caused global financial markets to fluctuate strongly. US stocks plunged, Treasury bond yields increased, while gold and USD became safe havens for cash flow.
Gloomy US economic data and the risk of tariff escalation have pushed gold prices to a record high. After a week focusing on interest rates and inflation, the market next week will focus on the labor market with the December non-farm payrolls report. Gold traders will also monitor many other important data such as ISM manufacturing PMI, ADP employment report, and Bank of England policy decision, along with a preliminary consumer confidence index from the University of Michigan.
Next week's gold price may still maintain an upward trend when supported by many factors, along with the positive views of investors who expect gold prices to reach higher levels in the near future.
![GOLD MARKET ANALYSIS AND COMMENTARY - [January 27 - January 31]](https://s3.tradingview.com/x/XYM2Zb1o_mid.png)
📌Technically, after reaching a record price above the threshold of 2,817 USD/oz, on the weekly chart, the average price of gold has also exceeded the threshold of 2,335 USD/oz. This shows that the average price of gold is higher, creating room for further increases in gold prices.
A shorter-term perspective with the H4 chart, if next week's gold price benefits from worse economic data, the price will break out of the old peak of 2817 and rise above the 2850 threshold.
If the resistance level is not broken, the gold price will temporarily decrease and adjust to around the EMA89 moving average line of the H4 chart, around the 2738 mark.
Notable technical levels are listed below.
Support: 2,785 – 2,774 – 2,762USD
Resistance: 2,802 – 2,817 – 2,824USD
SELL XAUUSD PRICE 2851 - 2849⚡️
↠↠ Stoploss 2855
BUY XAUUSD PRICE 2737 - 2739⚡️
↠↠ Stoploss 2733
The White House announced that from February 1, 2025, the US will impose a tax of 25% on imports from Canada and Mexico, and 10% on goods from China. This information caused global financial markets to fluctuate strongly. US stocks plunged, Treasury bond yields increased, while gold and USD became safe havens for cash flow.
Gloomy US economic data and the risk of tariff escalation have pushed gold prices to a record high. After a week focusing on interest rates and inflation, the market next week will focus on the labor market with the December non-farm payrolls report. Gold traders will also monitor many other important data such as ISM manufacturing PMI, ADP employment report, and Bank of England policy decision, along with a preliminary consumer confidence index from the University of Michigan.
Next week's gold price may still maintain an upward trend when supported by many factors, along with the positive views of investors who expect gold prices to reach higher levels in the near future.
📌Technically, after reaching a record price above the threshold of 2,817 USD/oz, on the weekly chart, the average price of gold has also exceeded the threshold of 2,335 USD/oz. This shows that the average price of gold is higher, creating room for further increases in gold prices.
A shorter-term perspective with the H4 chart, if next week's gold price benefits from worse economic data, the price will break out of the old peak of 2817 and rise above the 2850 threshold.
If the resistance level is not broken, the gold price will temporarily decrease and adjust to around the EMA89 moving average line of the H4 chart, around the 2738 mark.
Notable technical levels are listed below.
Support: 2,785 – 2,774 – 2,762USD
Resistance: 2,802 – 2,817 – 2,824USD
SELL XAUUSD PRICE 2851 - 2849⚡️
↠↠ Stoploss 2855
BUY XAUUSD PRICE 2737 - 2739⚡️
↠↠ Stoploss 2733
Note
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🧩Consulting on Risk Management
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🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
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