Gold prices have been pushed down as traders sell to take profits after hitting record highs for four days in a row. This may also be due to the upcoming tariff announcement today.
Yesterday, during European trading hours, gold prices rose when it was suggested that the U.S. might impose around 20% tariffs on most imported goods. However, ahead of today’s official announcement, gold prices have been pushed back down.
If today’s tariff announcement turns out to be worse than expected, gold may try to reach a new record high again. However, since the market is unstable, many traders are ready to sell and take profits, which may limit how much prices can rise.
On the other hand, if the announced tariffs are not as strict as expected, the market will feel some relief, and gold prices could fall further.
Still, since future developments remain uncertain, some traders may see this as a good opportunity to buy gold at lower prices.
Gold/USD Expected Range: 3130 – 3060
Note: The above information does not guarantee profit. Please make your own decisions when trading.