Gold gets tariff boost, approaches $3,400, dips attract buyers, $3,420 eyed
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Trump Tariff continues to haunt global macro economic sentiments.
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Geo political tensions and Tariff war becomes centre of gravity.
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Dollar starts dropping like a hot potato.
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Safe haven demand flows into Gold.
Gold exhibited strong bullish momentum supported by price stability above local demand zone 3360 which witnessed spike surpassing swing high 3395 and reaching intraday high 3397
As commonly seen, Profit booking on heights dragged prices down to breakout zone 3372 and currently consolidating above local demand zone 3370
As long as Gold maintains stability above 3360, buyers may resurface again as short term trend remains bullish with potential upside targets at 3402-3412-3422
Upcoming Initial Jobless Claims may impact dollar weakness and Gold strength.
Markets will closely monitor statements by US president Donald Trump on Trade Tariff and further course of action.
Broad outlook for Gold remains extremely bullish and any downward correctional drop continues to attract value buying as markets are poised for a stronger bullish extension.
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