- Gold has hit a new record high, driven by uncertainty over U.S. trade policy and potential tariffs on key allies.
- Technical indicators suggest strong bullish momentum, with XAU/USD eyeing a potential breakout above $2,800.
Gold has reached a new record high price, surpassing the November peak by approximately $10 at the time of writing.
Political uncertainty in the U.S., particularly concerning trade policy, is fueling the rally. Reports indicate that the Trump administration is “not close at all to making a decision” on China tariffs. Meanwhile, Beijing has signaled flexibility on the future of TikTok, a major sticking point in the tariff negotiations.
However, markets anticipate that new tariffs on two of the U.S.’s closest allies – Mexico and Canada – could be announced on February 1.
From a technical perspective, the daily chart suggests gold could break above $2,800 in the coming sessions. Technical indicators continue to advance within positive levels, nearing overbought territory but still with room for further gains.
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