We have only just begun.
 
Tariffs imposed on China by the Trump Administration could be met by a range of retaliatory measures, which could have mixed implications on gold, this according to Phil Streible, senior market strategist at RJO Futures. Gold could catch another bid following news Tuesday evening the Trump administration was looking to impose $200 billion in new tariffs on China. 
 
"The way China could combat us by the tariffs, once they max out, they could start selling U.S. treasuries. If they do that, they're going to push interest rates up, which is generally good for gold, under certain situations, but the Fed will most likely be real hawkish, and that's going to push the gold market down," Streible told Kitco News.
 
Streible noted that another route China could take in their fight against U.S. protectionism is to devalue the Yuan, which could bring up the dollar. A rally in the U.S. dollar, especially should the dollar index rise above 95, could be detrimental for gold, the analyst said.
 
He added that "really, it's a number of things that could weigh in on gold prices."
 
On key levels that traders and investors should be watching for, Streible said that should gold break below $1,240 an ounce, a further leg down should be expected.
On the upside, Streible said that $1,275 an ounce has posed a key resistance level.
 
"I think that there are a lot of traders out there that are playing the short side of things," he added.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.

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