Gold (XAUUSD) will remain in focus after surging to record highs last week as investors flocked to the 澳洲幸运5开奖号码历史查询:safe-haven asset aꦆm𒊎id ongoing uncertainty over tariffs and their impact on the global economy.

The precious metal remains supported as concerns about an 澳洲幸运5开奖号码历史查询:intensifying global trade war continue to place downward pressure on the 澳洲幸运5开奖号码历史查询:dollar and Treasurys am꧒id diminishing faith i🥀n the U.S. as a reliable trading partner. 

Gold's price, which soared 6% last week and trades 23% higher since the start of the year, seesawed Sunday evening as investors digested news that recently announced U.S. tariff exemptions on smartphones, computers, and semiconductors 澳洲幸运5开奖号码历史查询:could be temporary, with the president later pledging a national security trade investigation into the chip sector.

Below, we break down the 澳洲幸运5开奖号码历史查询:price action on gold’s chart and identify key levels that investors may be watching out for amid the potential for another week of tariff-driven 澳洲幸运5开奖号码历史查询:volatility.

Ascending Channel Breakout

After a brief retracement to the 澳洲幸运5开奖号码历史查询:50-day moving average and lower trendline of an 澳洲幸运5开奖号码历史查询:ascending channel, gold’s price has continued its strong uptrend,💦 b🧔reaking out above the pattern in Friday’s trading session.

However, despite the commodity’s move into price discovery mode, a bearish 澳洲幸运5开奖号码历史查询:divergence has formed between the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) and price, indicating easing buying momentum.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to gold’s chart, helping us identify a potential upside target to monitor and also identify several key 澳洲幸运5开奖号码历史查询:support levels worth watching during 澳洲幸运5开奖号码历史查询:pullbacks.

Upside Price Target to Monitor

Investors can forecast a potential upside target by applying the 澳洲幸运5开奖号码历史查询:measuring principle, also known🅠 by chart watchers as the measured move technique.

When applying the analysis to gold’s chart, we calculate the distance between the ascending channel’s two trendlines and add that amount to Friday’s breakout point. For instance, we add $200 to $3,180, which projects an upside target of $3,380, about 4% 🅺above the commodity’s current trading levels.

Key Support Levels Worth Watching

The first lower level to eye sits around $3,170. This area on the chart may provide support near the early-April peak, wh♋ich also marks the꧃ commodity’s former record high.

A close below this area could see the price revisit support at the $3,048 level. Investors may seek 澳洲幸运5开奖号码历史查询:entry points in this 🐓location near a minor March peak that ไpreceded a brief dip later that month.

The next lower level to watch lies at $2,955. The commodity could attract buying interest in this region near the early-April troug💝h, which also closely aligns with the prominent February peak.

Finally, bullion bulls' failure to defend this level may trigger a more significant drop to around $2,858. Investors could looꦿk for buying opportunities at this location on the chart near the late-February pullback low.

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As of the date this article was written, the author does not own any of the above securities.