Gold extends gains following new U.S. tariffs

Gold surged to a one-week high on Thursday after President Trump announced a new round of tariffs on imported cars.

The latest addition to the series of U.S. reciprocal tariffs, set to take effect on April 2, triggered fresh concerns over global trade disruptions, economic slowdown, and rising consumer inflation.

This renewed uncertainty fueled safe-haven demand, lifting gold prices further and strengthening the technical outlook. The latest rally has retraced over 61.8% of the $3057 to $3000 pullback, signaling that the corrective phase from the recent record high may be over.

Strong bullish momentum and a favorable moving average setup on the daily chart reinforce the near-term upside bias.

Bulls have breached the 76.4% Fibonacci resistance at $3043, the last key hurdle before retesting last week’s all-time high of $3057. However, strong resistance at this level may lead to extended consolidation.

The outlook remains positive as long as gold holds above the broken Fibonacci level at $3035 (61.8% retracement), keeping dip-buying strategies in play.

A break below $3035/30, particularly if the 10-day moving average at $3022 is breached, could weaken near-term bullish momentum and increase the risk of a retest of the critical $3000 support level.

Res: 3057; 3071; 3079; 3093
Sup: 3035; 3030; 3022; 3007