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Gold Price Steady Ahead of clarity on Donald Trump’s tariff plan – Market Cautious - Capital Street FX
Gold Price Steady Ahead of clarity on Donald Trump’s tariff plan – Market Cautious
Gold prices held steady on Thursday as investors awaited more details on US President Donald Trump’s proposed steel and aluminum tariffs, the outcome of the European Central Bank’s policy meeting, and US jobs data.
Gold rose 0.2% to $1,328.81 per ounce by 1.34pm. It hit a one-week high on Wednesday at $1,340.42, before closing lower at $1,325.49 an ounce. US gold futures were up 0.1% at $1,329.
“Gold is going to be choppy here and remain in range bound trading … It is finding some support in the downside around $1,300 levels due to safe-haven demand,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
Investors are also awaiting US non-farm payroll data due on Friday for more clarity on the pace of US rate hikes. Businesses are reporting persistent labor market tightness across the United States, with accelerating wage gains in many regions, the Federal Reserve said on Wednesday in a report that bolstered the case for interest rate increases.
“In the medium-term, gold will come under some pressure from interest rate hikes and will recover as it has done in the past,” Fung said.
On the technical charts, Gold is trading sideways testing the 50 day EMA. The RSI is at 48.03 and the MACD is ready to make a positive crossover above the signal line.
Buy stop at 1324, Take profit at 1330, Stop loss at 1321