Gold prices have surged despite the strengthening of the USD

This rise is attributed to the weakening of the USD and uncertainty surrounding the policies of US President Donald Trump. Investor concerns about the potential for a trade war and market volatility have driven demand for gold as a safe-haven asset.

President Donald Trump is currently considering imposing a 10% tariff on imports from China, effective February 1st. This is also the same date he previously announced a 25% tariff on imports from Mexico and Canada.

Given these developments, I expect gold prices to continue rising, primarily due to increased buying for safety ahead of new actions by President Trump. Gold prices are now approaching record-high levels.

Key economic data to watch this week:
- Thursday: Weekly Initial Jobless Claims report in the US
- Friday: S&P Flash PMI and Existing Home Sales data in the US

Based on technical analysis, with support levels at 2,621 and 2,658, gold has maintained its upward momentum. With the latest support at 2,694, gold continues to trend higher and may break through resistance at 2,758. The trendline also indicates a short-term bullish trend.

If there are no significant changes, traders may set stop-loss (SP) at 2,680 and take-profit (TP) at 2,750 to protect profits and minimize risk.