On Thursday (March 27) in the Asian weekly session, the gold price (XAU/USD) was still consolidating around the $3,020 level, and the overall market sentiment was cautious.
Fundamental analysis:
US economy and Fed trends
Geopolitical and tariff uncertainties
Technical analysis:
Gold prices continued to consolidate at high levels after breaking through $3,000, and are still above the short-term moving average, with an overall bullish trend.
Moving average and trend: The moving average is in a bullish arrangement, indicating that the short-term and medium-term upward momentum has not been destroyed. The price fluctuates repeatedly between MA14 (3021) and MA200 (3017). If the market can stay above these two moving averages in the future, the upward momentum is expected to continue.
Key resistance and Fibonacci retracement: Fibonacci retracement 0.236 corresponds to around $3038, which also coincides with the high point formed in the previous period. If the price falls below the Fibonacci 0.618 position (about $3,000), we need to be alert to the risk of technical adjustments to find $3,000 or even deeper support.
Fundamental analysis:
US economy and Fed trends
Geopolitical and tariff uncertainties
Technical analysis:
Gold prices continued to consolidate at high levels after breaking through $3,000, and are still above the short-term moving average, with an overall bullish trend.
Moving average and trend: The moving average is in a bullish arrangement, indicating that the short-term and medium-term upward momentum has not been destroyed. The price fluctuates repeatedly between MA14 (3021) and MA200 (3017). If the market can stay above these two moving averages in the future, the upward momentum is expected to continue.
Key resistance and Fibonacci retracement: Fibonacci retracement 0.236 corresponds to around $3038, which also coincides with the high point formed in the previous period. If the price falls below the Fibonacci 0.618 position (about $3,000), we need to be alert to the risk of technical adjustments to find $3,000 or even deeper support.
Trade active
You can refer to the following data:Initial jobless claims in the U.S. for the week ending March 22 (10,000 people)
22.3
22.5
Final value of annualized quarterly rate of real GDP in the fourth quarter of the U.S.
Final value of quarterly rate of real personal consumption expenditure in the fourth quarter of the U.S.
Final value of annualized quarterly rate of core PCE price index in the fourth quarter of the U.S.
Monthly rate of contracted sales index for existing homes in February of the U.S.
EIA natural gas inventory in the U.S. for the week ending March 21 (billion cubic feet)
Trade closed: target reached
Resistance: 3018 3035 3057Support: 3008 3000 2990
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.