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Gold stands tall above $5,150 amid trade, economic and geopolitical concerns linger.
The US Dollar licks wounds as ‘Sell America’ theme resurfaces on Trump’s tariff woes.
Gold cracks the critical 61.8% Fibo resistance at $5,142, awaits a daily closing above it.
Gold is adding over 1% early Monday, after having gained 2% on Friday. The bright metal scales key technical hurdles, as buyers stay strong amid renewed tariffs and economic uncertainty alongside looming US-Iran geopolitical tensions.
Gold eyes more upside on tariff jitters
Gold kicks off the week with a bang as US President Donald Trump’s tariff announcements spark confusion and dent investors’ confidence, fuelling a flight to safety and ‘sell America’ theme once again across the financial markets.
The US Supreme Court on Friday rejected Trump’s emergency tariffs, prompting the President to announce a new 10% rate on the rest of the world, only to then lift it to 15%. The move rekindled market concerns over a highly uncertain and volatile environment, acting as a headwind for the US assets, including the US Dollar (USD).
The US Treasuries were also negatively hit as Trump’s latest tariffs raised the possibility of the US government having to repay around $170 billion in revenue.
Additionally, markets also preferred to flock to the traditional store of value, Gold, amid unimpressive US economic data and nervousness ahead of the Artificial Intelligence (AI) pioneer Nvidia’s earnings report this week.
Data showed US economic growth slowed sharply to a 1.4% annualized rate in the fourth quarter (Q4), well under the market forecast of 3%, while the Fed's preferred inflation gauge, the core Personal Consumption Expenditure (PCE) Price index, rose 3% annually in December, above expectations for a 2.9% increase.
Traders still expect at least 50 basis points (bps) of interest rate cuts by the Fed this year, with the first expected in June. Gold thrives on lower rates.
In the week ahead, Gold will continue to rejoice haven demand, with Chinese traders returning from a week-long holiday on Tuesday and reacting to Trump’s tariff news. Meanwhile, geopolitical risks also remain on the rise ahead of the second round of talks between the United States (US) and Iran in Geneva on Thursday.
Nvidia earnings on Wednesday and the US Producer Price Index (PPI) data will ramp up the market volatility later this week as tariff headlines remain the central focus.
The 21-day Simple Moving Average (SMA) rises above the 50-, 100- and 200-day SMAs, reflecting firm bullish momentum as all gauges trend higher while price holds above them. The 21-day SMA stands at $5,020.15 and offers nearby dynamic support. The Relative Strength Index (14) sits at 59.76 and is edging higher, reinforcing improving upside momentum without reaching overbought.
Measured from the $5,597.89 high to the $4,401.99 low, the Fibonacci retracement (Fibo) framework shows the 78.6% retracement at $5,341.96 capping the upside. The 61.8% retracement at $5,141.05 has been cleared, and a daily close over that barrier would open room toward the 78.6% Fibo resistance. On pullbacks, the 50-day SMA at $4,723.32 offers a deeper support area.
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Malaysian authorities arrested 12 police officers accused of coercing a Chinese national to transfer their cryptocurrency during a house raid near Kuala Lumpur.
Officials are investigating the case as a gang robbery involving cryptocurrency, with the arrests occurring amid heightened anti-corruption scrutiny in Malaysia.
Malaysian authorities have arrested 12 police officers accused of extorting about 200,000 ringgit ($51,000) in cryptocurrency from a group of Chinese nationals during a midnight raid on a house near Kuala Lumpur, according to local officials.
Selangor police chief Shazeli Kahar said the arrests, announced on Thursday, followed a complaint filed on Feb. 6 by one of eight alleged victims, aged between 25 and 45, local media reported. The group alleged that officers stormed a bungalow in Kajang district outside Kuala Lumpur, confiscated phones and laptops, and forced one victim to transfer digital assets to a specific cryptocurrency account.
Immediate action was taken and 12 police officers were arrested to assist investigations," Kahar said, adding that authorities are treating the case as a gang robbery involving a foreign national's cryptocurrency.
Authorities emphasize anti-corruption stance amid investigation
Kahar said the Selangor police contingent "will not compromise with any officers or members who are involved in criminal activities," signaling the seriousness of the investigation.
The arrests came days after Malaysia's king, Sultan Ibrahim Sultan Iskandar, warned that corruption within government institutions remained under scrutiny. On Monday, the monarch said corrupt individuals across agencies, including the police, were on his "radar," adding, "Don't think I don't know anything. I also have my own intelligence."
Malaysia's government has also stepped up anti-corruption efforts since Prime Minister Anwar Ibrahim took office in 2022, charging several senior officials and public figures in recent months as part of a broader push to curb abuse of power across the public sector.
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