📈 Fundamental and technical background positive...
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GOLD rose more than 2%+ on Friday, reaching $5,100, following the release of conflicting data on the US economy and the US Supreme Court's ruling on Trump's tariffs. It's not that simple...
GDP for the fourth quarter slowed sharply to 1.4%.PCE inflation accelerated to 3%.
The court ruled Trump's global tariffs illegal (exceeding his authority under the IEEPA).
Trump said he would find ways to keep the tariffs and immediately raised overall tariffs from 10% to 15%, but the market perceived this as temporary uncertainty.
Key question: Will gold be able to consolidate above $5,100 amid ambiguous macroeconomics and geopolitics?
Technically, gold has broken through the resistance of a fairly strong bullish pattern...
Resistance levels: 5100, 5116, 5240
Support levels: 5090, 5046, 4990
The fundamental backdrop for gold is relatively positive. The technical backdrop is also favorable. Thus, the breakout of the resistance of the ascending channel gives fairly strong bullish signals. If the bulls hold the market above 5000-5100, the metal may resume its rally, with targets at 5250, 5400, and ATH...