Gold prices have continued to rise, hitting their highest since November 1 at $2,750. Global trade uncertainty and US interest rates have been driving gold prices higher day by day. From a technical perspective, a break above $2,720 indicates a positive sentiment, with a move to $2,790 expected.
Gold prices rose for a third straight session, hitting $2,750 during the Asian session on Wednesday, as the US President’s tariff threats against Canada and Mexico stoked concerns of a trade war. These have also increased market volatility and increased demand for gold.
Gold has been largely supported by expectations of interest rate cuts by the Federal Reserve this year.
However, a small recovery in the US dollar from recent lows, as well as speculation about a possible interest rate hike by the Bank of Japan, could limit the upward momentum.
