🌍 Key Updates:
Last night, President Donald Trump announced during a press conference:
"I will impose a 10% tariff on China for fentanyl shipments transported via Canada and Mexico, effective February 1."
This tariff rate is lower than the 60% he mentioned during his campaign, which has led to a positive reaction in financial markets.
📊 Market Reactions:
Global Stock Markets:
US and Asian stock indices recorded strong gains following the announcement.
Futures markets are also trending upward.
Gold Performance:
Gold rallied strongly last night, as expected, and continues to gain bullish momentum.
Currently trading around $2,745 - $2,747, with the primary strategy being BUY on dips during corrections.
💡 XAUUSD Trading Plan:
BUY ZONE: $2,726 - $2,724
SL: $2,720
TP: $2,730 - $2,734 - $2,738 - $2,744 - ????
SELL SCALP: $2,754 - $2,756
SL: $2,760
TP: $2,750 - $2,747 - $2,743 - $2,740
SELL ZONE: $2,780 - $2,782
SL: $2,785
TP: $2,775 - $2,770 - $2,765 - $2,760 - ????
Current Market Sentiment:
Looking at the current candlestick momentum, there are no signs of weakness or reversal in this zone or nearby levels. However, unexpected statements from President Trump could trigger sudden volatility. With current price action, gold may retest its previous highs, but the range remains challenging for trading. Stay aligned with the main trend and monitor updates frequently.
⚠️ Reminder:
Stick to the primary strategy of BUY on dips, as the market shows strong bullish sentiment. Always set Take-Profit (TP) and Stop-Loss (SL) to manage risks effectively.
🤔 What’s Your View?
Will gold retest its previous high of $2,788 and climb to new peaks this week?
👉 Leave a comment and follow KevinNguyen-SimpleTrade for more insights and trading strategies! 🚀