Top 5 Commodity Technical Analysis and Forecast from 10th to 14th January 2025 by Neal Bhai.
Gold nears all-time high as Trump’s tariff threats boost safe-haven demand
Gold prices firmed on Monday, and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after U.S. President Donald Trump’s decision to impose fresh tariffs sparked concerns of a global trade war.
Donald Trump announces 25% tariff on steel, aluminium imports into US
US President Donald Trump announced new 25% tariffs on all steel and aluminium imports into the country, marking a significant escalation in his trade policy. Speaking to reporters aboard Air Force One en route to the NFL Super Bowl, Trump revealed that the official announcement will come on Monday.
Trump does dirty business again
Just when the global markets were coming to terms with Trump’s disruptive trade policies, the US President announced his paln to impose reciprocal tariffs on countries, instead of a blanket tariff. This has further muddied the trade waters and increased volatility in markets.
Will the price of gold continue to rise in the long term?
Gold hit new record highs in both domestic and overseas markets last week. Uncertainty over US trade tariffs boosted gold’s safe-haven appeal. Strong overseas prices, a record weak Indian rupee and steady demand lent additional support to domestic prices.
Gold hits new low near $2,859 after NFT
Gold prices on Friday pared early gains after the release of the US labor market report for January 2025 and closed near $2,859.88 an ounce.
Spot Gold Forecast [07-02-2025]
Spot Gold 1st Hurdle can be seen at $2,892 (upper boundary of the ascending channel, all-time high) before $2,900 (round level). If gold manages to stabilize above $2,900 and confirms that level as support, then $3,000+++ (psychological level) can be seen as the next Hurdle.