Technical analysis by Henrybillion about Symbol PAXG on 4/18/2025

As Powell's warnings about the impact of the trade war increased market volatility, U.S. stocks and the dollar fell sharply and gold prices hit new highs.Powell warned that the central bank may have less flexibility to quickly mitigate the economic impact of President Donald Trump's trade war, comments that sent stocks lower on Wednesday.Powell reiterated that the Fed is in no rush to cut interest rates and "would prefer to wait until the situation becomes clearer before considering an adjustment to the policy stance." He also acknowledged that the Fed could face a difficult situation where its two policy goals of price stability and maximum employment conflict, as Trump's tariff policies could push up U.S. inflation and slow economic growth.Gold prices have risen nearly $700 an ounce, or nearly 28%, this year, driven by tariff disputes, expectations of interest rate cuts and strong central bank buying, outpacing the 27% gain in 2024.Gold prices have continued to rise as the escalating trade war has raised concerns about a global recession. At the same time, the Trump administration is preparing to pressure other countries to limit trade with China in response to US tariffs in US-China trade talks.US President Donald Trump on Tuesday ordered an investigation into possible tariffs on all critical minerals imported into the United States, marking a new escalation in his dispute with global trading partners and an effort to pressure China. The latest tensions between the world's two largest economies have affected the sentiment in the financial market in general, causing investors to turn to safe-haven assets such as gold.However, a profit-taking session or positive developments in US-China trade relations could trigger a sell-off. Therefore, readers/traders need to closely monitor developments surrounding the trade war to make timely changes in their trading plans to suit the market context.Technical outlook analysis of XAUUSD gold priceOn the daily chart, gold continues to seek and renew all-time highs with an absolutely supported uptrend in the short, medium and long term.In the long term, the price channel (a) will be set as the main trend with the main support from the EMA21, while in the short term, gold is still in an uptrend with support from the 0.382% Fibonacci extension levels and the 3,300USD whole price point right after that.In terms of momentum, the Relative Strength Index (RSI) enters the overbought zone, a downward RSI below 80 will be considered a signal for a possible correction.In the coming time, the trend and outlook of gold prices are still bullish, the declines should only be considered as short-term corrections.But this note will be very important, in a market where assets (gold) are overbought, making them a bubble, any correction will cause serious selling sentiment. As it stands, we cannot know when the US-China trade war will cool down, and any positive developments around the trade war will trigger a sell-off in the gold market, which is traditionally considered a safe haven asset.In the day, the bullish outlook for gold prices will be listed again by the following positions.Support: 3,303 – 3,300 USDResistance: 3,337 – 3,371 USDThis is the end of the article, wishing readers a productive and happy working day