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Gold reached the most anticipated target area of $1300-10 where one of the most important resistance level resides. It may drag the price down. After the announcement of Mexico tariffs, gold gained momentum as all the market participants were seeking the safe heaven asset.
The Trump administration announced on Thursday it would impose a 5% tariff on all imported goods from Mexico from June 10 and "gradually increase" that tax to 25% until the flow of undocumented migrants across the border stops. Gold inched up amid such news and it was also boosted in the wake of more Sino-U.S. trade war jitters.
The demand for gold as a safe-haven asset in times of political and economic troubles is high, but a rising US dollar has capped the precious metal's gains. Trade war tensions not only affect China's economy but Mexico's as well.
Inflation has been running below levels targeted by the US Federal Reserve, placing Chairman Jerome Powell under the scrutiny of Trump, who has been pushing for lower interest rates. Ahead of Jeromy Powell's speech this week, certain volatility may be observed in the US currecny and gold. The US dollar may obtain gains over GOLD but the dominant force will remain after gold in the coming days.
As of the current scenario, the price is still quite impulsive and non-volatile with the bullish momentum which after reaching $1310 area is showing certain corrections along the way. The price is quite far from the Mean. It is expected to dip to $1290 area again before showing further advancement higher with the target towards $1350 and ultimately towards $1500 in the future.
SUPPORT: 1276, 1289-90, 1300
RESISTANCE: 1310, 1325, 1350
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
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