GOLD heads for all-time record levels

20 ore fa

XAUUSD held steady near record highs on Thursday (Jan. 23) as investors awaited further guidance from the new Trump administration on trade policies and potential tax cuts.
Gold prices remain near their highest levels since last October as investors consider the impact that President Trump's latest tariff threats against China and the European Union could have on with the global economy.

XAUUSD currently trading at nearly $2,752, $40 below its all-time high and up about 2% in the week to date.
Gold was supported by safe-haven demand as investors weighed the new administration's stance on trade. US President Donald Trump has named China, the European Union, Canada and Mexico as potential import tariff targets, although there remains uncertainty about whether he will do so.

Trump said he is considering imposing a 10% tariff on goods imported from China starting February 1. He also promised to impose tariffs on imports from Europe but did not provide further details.
He had previously said that Mexico and Canada could face tariffs of around 25% on February 1.

The Federal Reserve will meet next week as economic growth continues and inflation declines but faces uncertainty from the new administration's policies. The central bank is expected to leave the key interest rate unchanged at its next policy meeting on January 28-29. High interest rates reduce the appeal of non-interest-bearing gold, but with the current market context, the Fed keeping interest rates unchanged is not a potential pressure for gold to adjust significantly.

European Central Bank policymakers unanimously backed further interest rate cuts on Wednesday, signaling that a rate cut next week is almost a foregone conclusion. will be implemented even as the Federal Reserve remains cautious.

Analysis of technical prospects for XAUUSD
On the daily chart, gold corrected very slightly but now it has all the conditions for expectations to reach an all-time high.

The main uptrend is reinforced by the break above the green price channel combined with price activity above the $2,750 level noticed by readers in yesterday's edition, along with that the Strength Index Relative RSI also shows that there is still room for price growth ahead.

Currently, the upside momentum is being blocked by the $2,762 technical level and once this level is broken gold could continue to rise with a subsequent target at the all-time high of $2,790.

As long as gold remains above the EMA21, and above the green price channel, it remains bullish in the short to medium term and notable levels are listed below.
Support: 2,750 – 2,730 – 2,725USD
Resistance: 2,762 – 2,790USD

SELL XAUUSD PRICE 2776 - 2774⚡️
↠↠ Stoploss 2780

→Take Profit 1 2769
↨
→Take Profit 2 2764

BUY XAUUSD PRICE 2720 - 2722⚡️
↠↠ Stoploss 2716

→Take Profit 1 2727
↨
→Take Profit 2 2732

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Nota

The US Dollar Index DXY fell below 108, down 0.23% on the day.