Trade war damages the standing of US dollar as reserve currency....

Trade war damages the standing of US dollar as reserve currency. So, the underlying current would be away from US dollar and into safe havens. Gold is one of them. The demand for gold has been diluted by the narrative that Bitcoin is also a safe haven (digital). Gold would have been much higher if not for Bitcoin. US is trying to capture the Bitcoin and its narrative. Remember that US Fed is private, and the US is looking to control Bitcoin through banks, options, futures etc (like they do with silver). They can't control the gold market because it's too huge. If US debt was assessed against gold only then the major gold holders (China, Russia, India) would just bend US over. That's why I think US went behind Bitcoin.
I think there will be a push pull balance between Gold and Bitcoin in the medium-term. Both will rise, at least in the currency of heavily indebted countries (US, Australia, EU etc.)

Trade war can negatively affect the target currency, which we saw with Canadian dollar over the past few weeks, and to some degree with AUD. But mining stocks report revenue in AUD and their price is in AUD so it's positive for the share price.

Trade war will also make stuff more expensive which will feed inflation and the price of gold.

Technical charts: Gold is taking a breather at USD2,800. It should charge towards USD3,200 (which is long-term cup and handle target) and could easily overshoot that.

There is also a narrative that Musk will reign in US government spending which will solve inflation, which would in turn stabilise gold price. Trade war will counter that through supply shock. Also, all the unemployed people with no real skills except for woke programs will be unemployable and require government handouts until at least in the short-term. Trump has proposed to pay 9 months severances packages.

US is like a passenger plane in a nose-dive. To be able to come out of the dive, you need to gather enough speed first. So, they are accelerating the downfall at the moment. First question is whether a decision to level the plane will come before it hits the ground, and the next question is whether the structure of the plane can withstand the pressure of natural forces when coming out of the nose-dive.

My bet is that Trump is the last elected US president under the current constitution, Gold will be up massively, and silver will benefit as its cousin. Real question is whether a loaf of bread will cost $100 by 2029.