Gold has been in an overall uptrend since late January, steadily climbing with strong bullish momentum. After peaking around $3,440 in early April, price pulled back and found support near $3,171, bouncing from that level and now approaching resistance around $3,300.
Recently, price has shown signs of recovery, but the move still hasn’t broken the downtrend from the previous highs. The current area near $3,300–$3,365 is critical. If Gold can break and hold above this zone, it may retest the $3,440 high. But if price gets rejected again, a pullback toward $3,171 or even $2,972 is possible.
Technical indicators are sending mixed signals. The RSI is around 57, showing moderate bullish strength, but not overbought. However, the Stochastic is in overbought territory with a bearish crossover forming, which could mean a short-term dip is coming. Gold is still trading above all major moving averages, which supports a longer-term bullish outlook.
The bigger picture favors bulls, especially because of recent economic and geopolitical news. The U.S. Dollar has weakened after Moody’s downgraded the U.S. credit rating and concerns grew over a massive new tax-cut bill. Tensions between the U.S. and China, as well as ongoing conflicts in Gaza and Ukraine, have also driven safe-haven demand. Meanwhile, traders are betting on potential rate cuts later in 2025, which tends to boost Gold.
Key levels to watch:
Resistance: $3,300 and $3,440
Support: $3,171 and $2,972
Bias Summary:
Upward Bias: Weak USD, rising geopolitical risk, safe-haven demand, Fed rate cut expectations, price above major moving averages, aggressive central bank buying
Neutral Bias: RSI mid-range, price near resistance
Downward Bias: Stochastic overbought with bearish crossover, potential lower high formation, hidden bearish divergence.
Overall Bias: Bullish Long-term, Bearish potential short term – Fundamentals support further upside, but caution is needed near resistance for retracements.
Recently, price has shown signs of recovery, but the move still hasn’t broken the downtrend from the previous highs. The current area near $3,300–$3,365 is critical. If Gold can break and hold above this zone, it may retest the $3,440 high. But if price gets rejected again, a pullback toward $3,171 or even $2,972 is possible.
Technical indicators are sending mixed signals. The RSI is around 57, showing moderate bullish strength, but not overbought. However, the Stochastic is in overbought territory with a bearish crossover forming, which could mean a short-term dip is coming. Gold is still trading above all major moving averages, which supports a longer-term bullish outlook.
The bigger picture favors bulls, especially because of recent economic and geopolitical news. The U.S. Dollar has weakened after Moody’s downgraded the U.S. credit rating and concerns grew over a massive new tax-cut bill. Tensions between the U.S. and China, as well as ongoing conflicts in Gaza and Ukraine, have also driven safe-haven demand. Meanwhile, traders are betting on potential rate cuts later in 2025, which tends to boost Gold.
Key levels to watch:
Resistance: $3,300 and $3,440
Support: $3,171 and $2,972
Bias Summary:
Upward Bias: Weak USD, rising geopolitical risk, safe-haven demand, Fed rate cut expectations, price above major moving averages, aggressive central bank buying
Neutral Bias: RSI mid-range, price near resistance
Downward Bias: Stochastic overbought with bearish crossover, potential lower high formation, hidden bearish divergence.
Overall Bias: Bullish Long-term, Bearish potential short term – Fundamentals support further upside, but caution is needed near resistance for retracements.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.