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Gold price breaks to a new record high above $3,450 in Asian trading on Tuesday.
No confidence in the US Dollar and Trump’s attacks on Powell keep haven demand intact for Gold price.
RSI stays heavily overbought on the daily chart as Gold remains ‘buy-the-dip’ trades.
Gold price continues to build on its record rally, hitting another all-time high above $3,450 in Asian trading on Tuesday. Investors continue to flock to safety in the traditional store of value, the Gold price, amidst heightened risks of a US recession and financial market instability.
These factors continue to show a lack of confidence in the US Dollar (USD), fuelling the demand for the USD-denominated Gold price.
US President Donald Trump continued to berate Federal Reserve (Fed) Chairman Jerome Powell, raising concerns over the Fed’s independence. This comes after the Trump administration reportedly studied whether they could remove the Fed Chief.
Additionally, the US-China trade war escalation and its negative impact on the US economy and inflation remain a tailwind for the Gold price.
Looking ahead, Gold price will likely remain the go-to asset amid heightened financial market uncertainty and Trump’s constant attacks on Fed Chair Powell. Additionally, a lack of top-tier US economic data will leave Gold price at the mercy of risk sentiment and tariff headlines.
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