XAUUSD

U.S. President Trump announced that he would raise tariffs on Canadian steel and aluminum to 50% in response to Canada imposing a 25% additional customs duty on electricity exports. However, Ontario Premier Ford decided to halt the implementation of this extra charge. Concerns over recession and increasing uncertainty allowed gold prices to rise. Ukraine's acceptance of a 30-day ceasefire with Russia reduced perceptions of geopolitical risk, which limited the increase in gold prices. Consumer inflation data is being closely monitored throughout the day.

The precious metal may continue its upward momentum by trading above the 2900 – 2907 range. If positive movements persist, an upward movement towards the 2920 and 2930 levels may be observed. However, if prices remain below the 2900 – 2907 range, levels of 2890 and 2877 may be encountered. The 2877 level could emerge as a support point that limits downward movements.