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FxWirePro- Gold trade Idea
Gold trades flat ahead of Trump tariff announcement. It hits an all-time high at $3149 and is currently trading around $3130.
According to the CME Fed Watch tool, the chances of a rate pause in May 19th 2025 meeting have increased to 89% from 87.80% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short term moving average 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4 hour chart. Immediate support is at $3100 and a break below this level will drag the yellow metal to $3068/$3025/$2995/$2956/$2920/$2900/$2880. The near-term resistance is at $3130 with potential price targets at $3150/$3200.
It is good to sell on rallies around $3178-80 with a stop-loss at $3200 for a target price of $2835.
