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Tuesday, January 21, 2025 8:36:38 AM
By: James Hyerczyk | January 21, 2025
Key Points:
• The breakout above $2,726 suggests bullish momentum, with gold poised to test its all-time high of $2,790.
• Gold prices surge to $2,733, a 2-month high, fueled by a weak dollar and safe-haven demand amid trade policy uncertainty.
• Falling Treasury yields and a risk-off sentiment bolster gold, reinforcing its appeal as a hedge against uncertainty.
• Trump’s tariff threats on Mexico, Canada, and China drive safe-haven buying as geopolitical tensions rise.
• Support levels at $2,693 and $2,645 could provide buying opportunities if gold retraces from current levels.
Gold Prices Hit 2-Month High as Dollar Weakens

Daily Gold (XAU/USD)
Gold prices advanced on Tuesday, reaching $2,733.06, their highest level since November 24, before trimming some gains later in the session. The rally saw gold surpass the December 12 peak of $2,726.30, which acted as a key resistance level. The breakout signals strong momentum, with room for prices to climb toward the all-time high of $2,790.17, last reached on October 31.
Traders are eyeing immediate support at $2,693.40, with further downside levels at $2,663.50, a significant 50% retracement level, and $2,645.78, which coincides with the 50-day moving average. Any pullback into these zones could provide buying opportunities.
At 12:04 GMT, XAU/USD is trading $2723.29, up $15.39 or +0.57%.
Weaker Dollar Fuels Gold’s Strength
The U.S. dollar index fell 0.6% on Tuesday, trading near a two-week low. A weaker dollar made gold more attractive to foreign investors, as bullion becomes cheaper for holders of other currencies.
Later in the day, the dollar regained some ground as President Donald Trump floated the possibility of a 25% tariff on imports from Mexico and Canada. While this prompted a temporary rebound in the greenback, gold’s safe-haven appeal remained intact, supported by lingering concerns over trade policy uncertainty.
Safe-Haven Demand Drives Gold Higher
Gold’s role as a hedge against economic and geopolitical uncertainty has been a driving factor in its recent performance. Trump’s comments about potential tariffs on Canada, Mexico, and China heightened fears of global trade disruptions, prompting investors to shift capital into safe-haven assets like gold.
In addition, U.S. Treasury yields declined on Tuesday as markets absorbed the economic implications of Trump’s policy announcements. Investors showed risk-off sentiment following his signing of more than 40 executive orders, which has added to uncertainty surrounding his administration’s economic agenda.
Market Forecast for Gold Prices
Gold’s upward momentum and the breakout above $2,726.30 suggest a bullish outlook for the near term. If prices continue to rise, the market could test the all-time high of $2,790.17. However, resistance could emerge if the U.S. dollar strengthens further or if markets anticipate prolonged high interest rates from the Federal Reserve.
Traders should closely monitor upcoming U.S. economic data, including housing statistics and PMI releases, as well as any developments in Trump’s trade policies, which could provide additional catalysts for gold prices.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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