Gold market analysis

"Gold Price Tends to Test Higher Intraday" 23/2/2026 10:45 Finalized 

After the US Supreme Court ruled that the reciprocal tariffs imposed by the Trump administration on foreign countries were unconstitutional, Trump promptly signed an executive order to impose temporary tariffs, which took effect at 00:01 on February 24, Eastern Time. For 150 days, a 10% tariff will be levied on goods imported by US importers. Some goods, including certain critical minerals, metals used for currency and gold and silver bars, energy and energy products, will be exempt from the new tariffs. However, the next day, Trump raised the new tariffs to 15%. 

On the other hand, according to The New York Times citing sources, Trump told his advisers that if diplomatic efforts or any initial targeted strikes failed to force Iran to abandon its nuclear program, he would consider launching a larger-scale attack on Iran in the coming months with the aim of ousting the Iranian leadership. 

$5,300 is a strong resistance level. 

Gold prices broke through $5,100 in the late New York session last Friday and rose further in the early Asian session today. Spot gold once reached a high of $5,171.72, although it quickly retreated to $5,131.83. However, it climbed again and surpassed $5,160. From the daily chart, it is still uncertain whether gold prices can break through the top of the sideways range formed after the sharp decline in late January, which is $5,119.24. If today's close is above this level and there is no strong reversal signal of a double-day turn, the breakout can be confirmed. At that time, gold prices are expected to challenge $5,260. Otherwise, gold prices may return to fluctuate between $5,000 and $5,100. 

On the other hand, if the Fibonacci extension line is used to measure the movement since February 2nd and the amplitude reaches 100%, the gold price could reach $5,305.59. In other words, there is a possibility that the gold price will break through $5,260 and challenge the $5,300 mark before a significant adjustment occurs. It is expected that the possibility of breaking through $5,200 within the day is relatively high, and $5,210 is expected to be the first important resistance level. If this level is broken, it is not impossible for the price to rise to $5,260. After all, a daily fluctuation of more than $100 in the gold price is not uncommon. However, from a short-term perspective, today is exactly the day when the gold price peaks. Investors who chase the gold price at a high level should also be mentally prepared for a sudden drop at any time. 

The above content is for reference only and does not constitute investment advice.