GOLD: Market Hit New Record High!
$Gold - main 2506(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Gold prices hit new record highs again on Monday on the back of the U.S.-led trade war, with data to be released in the coming days likely to highlight early signs of damage to the global economy.
Spot gold climbed above $3,370 as the dollar fell. On Tuesday, the International Monetary Fund will release its World Economic Outlook report, when it is expected to downgrade its growth outlook in new forecasts, while the following day's U.S. PMI data will provide an overview of economic activity since President Donald Trump's push for tariffs. Gold prices have surged to consecutive record levels this year as trade conflicts have disrupted global markets, dampening interest in risky assets while accelerating the hunt for safe-haven assets.
Gold ETF holdings have expanded for the past 12 consecutive weeks, the longest duration since 2022. Central banks have also been adding to their gold holdings, underpinning strong global demand.
Gold continues its upward march, breaking above $3,370 for the first time. This has been in the trend I analysed over the weekend! Gold will hit 3400 next!
Asian market signals,
Buy:3373-3375
TP:3390
SL:3360
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