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14 March 2025,01:53
Trade Of The Day
14 March 2025, 01:53
*Gold soared to a record high as deteriorating U.S. inflation expectations and escalating trade tensions fueled risk aversion. Investors flocked to safe-haven assets after President Trump threatened a 200% tariff on European alcohol imports in response to the EU’s proposed 50% tax on U.S. whiskey. Calling the EU’s actions “hostile and abusive,” Trump demanded an immediate reversal of the tariffs.
* Technical Breakdown: Gold is testing the key resistance level at 2,990.00. A breakout could drive prices toward 3,035.00 (Fibonacci Expansion level). However, MACD signals fading bullish momentum, and RSI at 76 indicates overbought conditions, raising the likelihood of a technical correction. Failure to break resistance could see gold retrace toward 2,935.00 support.
At record highs, gold faces the risk of profit-taking, which may trigger a short-term pullback.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Keep an eye on U.S. economic data, Fed policy expectations, and global trade developments for further market direction by following PU Xtrader’s financial news page.
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