Let’s review the news that has affected the trend of gold in the past two trading days:
On Thursday (April 17), the uncertainty of the global trade situation is still the main focus of the current market. Last week, US President Trump suddenly changed his position and temporarily revoked the high reciprocal tariffs on most US trading partners for 90 days. Trump also said that after removing smartphones, computers and some other electronic products from the high tariff list, automobile-related tax exemptions may be granted.
However, Trump made it clear that these exemptions are only temporary; Trump also promised to announce the tariff policy on imported semiconductors next week and threatened to impose tariffs on the pharmaceutical industry in the near future, which further exacerbated market uncertainty. It has triggered market concerns that trade frictions may weaken global growth. This continues to affect investor sentiment, prompting safe-haven assets to benefit, pushing gold prices to a new historical high on Wednesday.
Trump’s frequent changes in tariff announcements have weakened investors’ confidence in US policies and reduced confidence in the US economy. In addition, the market expects the Federal Reserve to cut interest rates by 100 basis points in 2025, causing the dollar to fall sharply last week, falling to its lowest level since April 2022.
Gold technical analysis:
From the 4-hour chart, gold has always been in an upward channel this year, and the EMA55 and EMA200 moving averages are in a bullish arrangement, which clearly shows that gold has a strong medium-term upward trend. On the whole, I suggest that the operation should focus on the bullish thinking and actively arrange long orders based on the support level of 3300. In terms of gold short-term operation strategy, buy gold at 3300, and the target is 3380! The short-term focus on the resistance of 3345-3350 above, and the short-term focus on the support of 3300-3295 below. I will announce the analysis strategy every day, and you can check it yourself.