XAUUSD: Gold price stands firm near all-time high!
Gold price retains its bullish bias amid worries about Trump’s tariffs and a global trade war. Sliding US bond yields weigh on the USD and lend additional support to the precious metal. The Fed’s hawkish outlook could cap the XAU/USD pair amid slightly overbought conditions.
XAU/USD Technical Overview
The short-term technical outlook for Gold price remains more or less the same.
The daily chart shows that Gold price hangs near the record high of $2,947. The 14-day Relative Strength Index (RSI) flatlines in the overbought territory, currently near 73, suggesting that there is some room to the upside before a correction kicks in. Gold buyers await acceptance above the $2,950 barrier on a daily closing basis to extend the record rally. The next relevant resistance is seen at the $2,970 round level.
Conversely, a fresh pullback could call for a test of the $2,900 round level, below which the February 14 low of $2,877 will be threatened. A firm break of that level will initiate a fresh downside toward the $2,850 psychological barrier.
XAU/USD Technical Overview
The short-term technical outlook for Gold price remains more or less the same.
The daily chart shows that Gold price hangs near the record high of $2,947. The 14-day Relative Strength Index (RSI) flatlines in the overbought territory, currently near 73, suggesting that there is some room to the upside before a correction kicks in. Gold buyers await acceptance above the $2,950 barrier on a daily closing basis to extend the record rally. The next relevant resistance is seen at the $2,970 round level.
Conversely, a fresh pullback could call for a test of the $2,900 round level, below which the February 14 low of $2,877 will be threatened. A firm break of that level will initiate a fresh downside toward the $2,850 psychological barrier.
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🔰 Free signals (85% winrate)
🔰 Free knowledge
🔰 Update news continuously!
Telegram: t.me/sphyntrading
🔰 Free knowledge
🔰 Update news continuously!
Telegram: t.me/sphyntrading
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.