Moreover, Mali, a major gold producer, has halted permits for small-scale mining for foreign nationals. This decision could tighten supply, adding pressure to prices. Meanwhile, copper surged over 5% as Trump hinted at a potential 25% tariff on imports. With reciprocal tariffs and global economic uncertainty, gold remains a key asset for investors hedging against risk.
Gold (XAU) Technical Analysis
Gold Daily Chart – Bullish Price Action
The daily chart for gold shows that the price is building strong bullish momentum within the ascending broadening wedge and ascending channel patterns. However, the price consolidates at the orange zone, representing strong resistance. This resistance suggests a potential correction to $2,800.
A break above the orange zone at $3,000 will open the door for further upside momentum toward the $3,200 area. The RSI has rebounded from the mid-level, indicating further upside potential in the gold market. However, a break below $2,830 will introduce further price correction to $2,800.
