GOLD skyrocketed then corrected down, main trend structure

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XAUUSD Spot trading fluctuated strongly, sometimes soaring to a record high, but then plummeting nearly 40 dollars to the highest level. However, gold prices still increased during the day.

On Monday local time, US President Trump signed an executive order announcing a 25% tariff on all steel and aluminum imports into the United States. Trump said there will be "no exceptions or exemptions" to these requirements. Trump also said he is considering imposing tariffs on cars, french fries and medicine, and will hold meetings on cars, medicine and french fries over the next four weeks.

During the Asian trading session on Tuesday, gold prices soared to 2,942.72 Dollar/ounce, setting a new record high. But then the price of gold suddenly dropped sharply, to the lowest level of 2,905.10 Dollar/ounce.
Gold prices then recovered and are currently at about 2,922 Dollar/ounce, up 0.49% on the day.
A stronger dollar, coupled with overbought conditions on the daily chart, has prompted some gold profit-taking. However, Trump-related worries seem to be limiting the downside of gold prices and is still the most potential support at present, which can impact gold's price increase at any time.

Federal Reserve Chairman Powell will attend congressional hearings on Tuesday and Wednesday, and the market is also paying attention to whether Powell's policy stance will affect gold price trends.

Powell will testify before the Senate Banking Committee on February 11. Testify before the House Financial Services Committee the next day. This is the first time he has answered questions from congressional delegates since July last year.
Powell's speech will be closely watched for clues about the Fed's interest rate cut roadmap, which will in turn affect the short-term dynamics of the US Dollar and create new directional momentum for gold prices.

Analysis of technical prospects for XAUUSD
Gold has initially achieved the conditions for a new bullish cycle by breaking above the rising price channel, with a price action above the 0.618% Fibonacci extension level that will help it potentially move towards the $2,950 – 2,952 level which is the area of ​​the 0.786% Fibonacci extension.

For the Relative Strength Index RSI, there is still no signal indicating the possibility of a downward correction. The signal for a downward correction is that the RSI bends and falls below the 80 level.

During the day, as long as gold remains in/above the price channel, the main outlook remains technically bullish. Notable levels will be listed again as follows.
Support: 2,909 – 2,900USD
Resistance: 2,927 – 2,950 – 2,952USD

SELL XAUUSD PRICE 2951 - 2949⚡️
↠↠ Stoploss 2955

→Take Profit 1 2944
↨
→Take Profit 2 2939

BUY XAUUSD PRICE 2861 - 2863⚡️
↠↠ Stoploss 2857

→Take Profit 1 2868
↨
→Take Profit 2 2873

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ملاحظة

Gold prices hit an all-time high, the dollar maintained its strength, while stocks traded subdued on Tuesday as investors awaited further adjustments in US trade policy and statements from Fed Chairman Jerome Powell on tariffs and inflation.

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ملاحظة

🔴Spot gold price is down $8 in the short term and is currently trading at $2,885.51 an ounce.

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ملاحظة

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ملاحظة

⚫Spot gold prices hit a record high of 2,942.6 USD/ounce during the Asian trading session on Tuesday, continuing a strong upward trend from October 2023 with a total increase of 63% in 16 months.

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ملاحظة

🔴Spot gold prices have increased by more than $20 in the short term and are currently trading at $2,891.64 an ounce.

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ملاحظة

The US dollar index DXY is down more than ten points in the short term, down 0.50% on the day and currently at 107.46.