U.S. President Trump has suggested imposing a 200% tariff on EU wines and other products. Also, with the March 14 deadline for the U.S. temporary budget approaching, there is fear of a government shutdown. Because of this, New York stocks fell sharply.
At the same time, Russia rejected a temporary ceasefire proposal, increasing risk-averse behavior in the market. As a result, gold reached a new all-time high.
There is a high chance that the global trade war with tariffs will become even more serious. However, efforts to end the war in Ukraine have just started, and the U.S. temporary budget is expected to be approved as usual.
Since today is the end of the trading week, some investors may sell gold to take profits after hitting a new high. However, since gold has returned to the upward trend, it is expected to continue rising after some adjustments.
Gold/USD Expected Range: 3000 – 2960
Note: The above information does not guarantee profits. Make your own decisions when trading.