I just opened a position in Gold, here's why

Gold prices #PAXGUSDT have surged to a fresh all-time high near $3,425, driven by the weakening US Dollar and escalating trade tensions. The controversy surrounding US President Donald Trump's potential removal of Federal Reserve Chairman Jerome Powell has raised questions over the Fed's independence, weighing heavily on the US Dollar. Trump's criticism of Powell's stance on interest rates has further fueled the uncertainty.

*Key Factors Driving Gold's Price

- Weakening US Dollar: The US Dollar Index has plummeted to near 98.00, its lowest level in three years, making Gold a more attractive bargain bet for investors.

- Trade Tensions: Trump's imposition of tariffs and trade talks with partners like China, Japan, and Mexico have created uncertainty, boosting safe-haven demand for Gold.

- Fed's Independence: Trump's potential interference in Fed policy-making has eroded confidence in the US Dollar, potentially bolstering inflation in the long run.

*Market Outlook*

While some analysts expect the safe-haven demand for Gold to diminish if trade talks progress, others predict continued volatility due to global economic uncertainty. Technically, Gold's strong run-up above $3,400 is supported by a one-year-old Rising Channel pattern, with key support at $3,245 and resistance at $3,500 in the 48 hours