XAUUSD held firm above $2,750 per ounce, closing at $2,753.10, maintaining a three-day rally and trading near its recent high of $2,756.46. Investors continue to seek the precious metal as a safe-haven asset, responding to uncertainty surrounding President Donald Trump’s tariff plans and their potential impact on global trade.
Gold held near the highest level since October, as traders considered the impact Trump’s latest tariff threats https://t.co/Qno3TAkq7F
— Bloomberg (@business) January 23, 2025
Despite previous expectations of aggressive tariff hikes, markets are adjusting to a more measured approach, keeping XAUUSD well-supported in the current trading range.
Picture: XAUUSD consolidates near key levels amid cautious market sentiment and economic uncertainties. Learn more on the VT Markets app.
Looking at the XAUUSD chart, we can see that the price closed at 2753.10, reflecting a 0.29% increase, after reaching a high of 2756.46 and a low of 2749.53, indicating mild bullish momentum. The moving averages (MA 5,10,30) suggest consolidation, with the shorter MAs converging around the 30-period MA, indicating a lack of strong directional momentum.
The MACD (12,26,9) shows a potential shift towards bullish momentum as the histogram moves into positive territory. Resistance is seen at 2763.36, while support is holding around 2734.58, making these levels crucial for potential market movements.
On the monetary policy front, the European Central Bank (ECB) signaled the likelihood of rate cuts, reinforcing expectations of a policy easing at next week’s meeting. This dovish stance could provide further support for non-yielding XAUUSD, making it an attractive alternative to lower-yielding euro assets.
Meanwhile, the Federal Reserve is expected to hold interest rates steady at its upcoming meeting, maintaining a hawkish outlook amid inflationary concerns stemming from Trump’s economic policies. A firm rate stance could pose resistance to further XAUUSD gains in the short term.
Geopolitical tensions continue to underpin XAUUSD demand, with the ceasefire agreement between Israel and Hamas coming under strain after an Israeli drone strike in southern Lebanon’s Hasbaya region. The renewed conflict has driven investors towards safe-haven assets, providing further upside support for XAUUSD.
Traders will closely monitor upcoming U.S. trade policy developments and geopolitical risks, as well as key central bank meetings. XAUUSD’s ability to sustain momentum above key support levels will be crucial in shaping its near-term outlook.
Education
Company
FAQ
Promotion
Risk Warning: Trading CFDs carries a high level of risk and may not be suitable for all investors. Leverage in CFD trading can magnify gains and losses, potentially exceeding your original capital. It’s crucial to fully understand and acknowledge the associated risks before trading CFDs. Consider your financial situation, investment goals, and risk tolerance before making trading decisions. Past performance is not indicative of future results. Refer to our legal documents for a comprehensive understanding of CFD trading risks.
The information on this website is general and doesn’t account for your individual goals, financial situation, or needs. VT Markets cannot be held liable for the relevance, accuracy, timeliness, or completeness of any website information.
Our services and information on this website are not provided to residents of certain countries, including the United States, Singapore, Russia, and jurisdictions listed on the FATF and global sanctions lists. They are not intended for distribution or use in any location where such distribution or use would contravene local law or regulation.
VT Markets is a brand name with multiple entities authorised and registered in various jurisdictions.
· VT Global Pty Ltd is authorised and regulated by the Australian Securities & Investments Commission (ASIC) under licence number 516246.
· VT Global is not an issuer or market maker of derivatives and is only allowed to provide services to wholesale clients.
· VT Markets (Pty) Ltd is an authorised Financial Service Provider (FSP) registered and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under license number 50865.
· VT Markets Limited is an investment dealer authorised and regulated by the Mauritius Financial Services Commission (FSC) under license number GB23202269.
Copyright © 2025 VT Markets.