Gold price is unable to hold on to the modest gains booked on Wednesday as buyers and sellers enter a tug-of-war situation early Thursday, courtesy of the uncertainty around US President Donald Trump’s tariff plans and lingering US economic concerns.
Gold price outlook appears more or less the same from a short-term technical perspective.
So long as the Gold price defends the 21-day Simple Moving Average (SMA) at $2,890 and the 14-day Relative Strength Index (RSI) sits above 50, the bullish potential will likely remain intact.
Gold buyers could retest the all-time highs at $2,956 on acceptance above the previous day’s high of $2,930. The next topside barriers are seen at the $2,970 resistance and the $3,000 threshold.
However, if sellers crack the 21-day SMA at $2,890 on a daily candlestick closing basis; the downside could open toward the February 14 low of $2,877.
The last line of defense for Gold buyers is at the $2,850 psychological barrier.
🔥Buy Gold
$2880 -> $2876
SL $2870
TP 1->$2885 >2->$2890 >3->$2900
🔥Sell Gold
$2941 -> $2938
SL $2950
TP 1->$2935 >2->$2925 >3->$2910
Gold price outlook appears more or less the same from a short-term technical perspective.
So long as the Gold price defends the 21-day Simple Moving Average (SMA) at $2,890 and the 14-day Relative Strength Index (RSI) sits above 50, the bullish potential will likely remain intact.
Gold buyers could retest the all-time highs at $2,956 on acceptance above the previous day’s high of $2,930. The next topside barriers are seen at the $2,970 resistance and the $3,000 threshold.
However, if sellers crack the 21-day SMA at $2,890 on a daily candlestick closing basis; the downside could open toward the February 14 low of $2,877.
The last line of defense for Gold buyers is at the $2,850 psychological barrier.
🔥Buy Gold
$2880 -> $2876
SL $2870
TP 1->$2885 >2->$2890 >3->$2900
🔥Sell Gold
$2941 -> $2938
SL $2950
TP 1->$2935 >2->$2925 >3->$2910
Trade active
Scalping Buy @2892 Sl @ 2885 Tp 2900, 2907
Trade closed: target reached
Perfect Buy entry . Enjoy profit
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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.
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.