Gold is still on the rise

The euro and the pound have gained against the dollar, putting the two currencies on track for their biggest one-day gains against the dollar in more than a year. The reason is that new President Donald Trump will not impose tariffs on US trading partners on his first day in office. On the other hand, analysts say that the import tariffs that Donald Trump is expected to impose are being exaggerated. Accordingly, the dollar may continue to depreciate in the coming time, which is beneficial for the gold market.

As the dollar depreciates, gold becomes more attractive to holders of other currencies. Meanwhile, traders expect gold prices to rise even further in the future.

Gold could surge above $2,800 if Donald Trump puts his proposals into action. Persistent inflation and rising economic uncertainty as government debt continues to rise are helping push gold prices to a key resistance level above $2,700 an ounce. While gold is seeing solid gains, some analysts note that the precious metal still has a long way to go before it breaks out of a two-month consolidation.


🔥 XAUUSD SELL 2739 2741 🔥

✔️TP1: 2720
✔️TP2: 2710
✔️TP3: OPEN

🚫 SL: 2746