Gold news:
️Gold surged to another record high on Monday, surpassing the $3,100 mark for the first time and reaching an all-time peak of $3,137 during the Asian session before slightly retreating. Ongoing uncertainty surrounding U.S. trade policies and the upcoming Liberation Day on April 2 has kept market sentiment cautious, prompting investors to seek safety in the yellow metal as a haven asset.
️ Risk appetite weakens as traders wait for the announcement of additional tariffs on Wednesday. Goldman Sachs reported that the probability of a U.S. Recession had risen from 20% to 35%, driven mainly by growing pessimism among businesses and enterprises regarding the economic outlook, as well as Washington’s increasing acceptance of a deeper economic downturn.
Personal opinion:
️ The long-term trend of gold will increase in the near future due to tariff policies and the possibility of economic recession in the United States.
️ However, gold will have a slight corrective rally today:
RSI enters the overbought zone and shows signs of divergence
Buyers will pause in the short term to monitor for the upcoming February 4 if the tariff policy is negative
️Analysis based on important resistance – support levels and Fibonacci combined with RSI to come up with a suitable strategy
Resistance zone: 3150 – 3157 – 3180
Support zone: 3127 – 3113 – 3100
Plan:
Price Zone Setup:
Buy Gold 3113- 3115
SL: 3108 | TP: 3118 – 3123 – 3130
Buy Gold 3127 – 3130
SL: 3122| TP: 3135 – 3140 – 3145
Sell Gold 3149 – 3151 (Scalping)
SL: 3155 | TP: 3146– 3143 – 3140
Sell Gold 3179 – 3181
SL: 3185 | TP: 3175– 3170 – 3165
FM wishes you a successful trading day