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As shown on the XAU/USD chart, gold prices surpassed $2,800 per ounce for the first time in history on 31 January. However, by 3 February, we have seen a pullback from this record high.
Today’s bearish sentiment in gold is driven by the strengthening US dollar, a reaction from currency markets to the tariffs announced by Donald Trump.
This creates a mixed outlook:
→ On one hand, trade war concerns support gold as a safe-haven asset.
→ On the other, a stronger dollar pressures XAU/USD.
According to Reuters, Citi analysts suggest that further tariffs could drive gold prices up to $3,000 per ounce.
The technical analysis of the 4-hour XAU/USD chart shows that:
→ The price is moving within an upward trend, following a linear regression channel drawn from the first candles of 2025.
→ A bullish attempt to break above $2,800 triggered selling pressure, forming a bearish engulfing pattern and pushing the price towards the lower boundary of the channel. If fundamentals continue to support gold’s rise, the $2,800 level could become a significant resistance for the current trend throughout February.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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