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
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