• Gold shows strong recovery, climbs to $2432.

  • Strong recovery from recent drop to $2379.

  • Traders cautious at 61.8% fibo level $2434.

  • Next Resistance sits at 71.8% fibo level $2453.

  • Rejection may push Gold to $2412-$2390.

Chart

Despite enough reasons for bullish upward momentum in Gold, there have been several phases of downward movements and prices dipped below $2400, recent dip came at $2364 which was followed by a higher low at $2379 and today Gold managed to negate the downward shift when recovery reached $2432, at striking distance from key 61.8% fibo level $2434

Currently we are witnessing some consolidation below $2432 as Gold trades around $2423-$2428, further break below $2420 will extend decline to next leg lower $2412-$2407 while next support is seen located at $2400 below which way opens to further drop to $2390 

If bears dominate, we expect to witness a deeper sell off once $2390 is breached followed by day/week close below the zone and this will turn short term trend bearish.

On the flip side, strong break above $2435 will usher in further bullish momentum which will target immediate resistance which aligns with premium zone 78.6% fibo level $2453

The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.

Recommended Content


Recommended Content

Editors’ Picks

GBP/USD holds losses near 1.3400 ahead of BoE’s policy decision

GBP/USD holds losses near 1.3400 ahead of BoE’s policy decision

GBP/USD remains subdued for the third consecutive session, trading around 1.3410 during the Asian hours on Thursday. The pair faces challenges as the US Dollar gains ground amid increased safe-haven demand, driven by escalating tensions between Israel and Iran. 

EUR/USD extends downside to near 1.1450 ahead of ECB’s Lagarde speech

EUR/USD extends downside to near 1.1450 ahead of ECB’s Lagarde speech

The EUR/USD pair extends the decline to near 1.1465 during the Asian session on Thursday. The Euro weakens against the Greenback amid the risk-off mood due to rising geopolitical tensions in the Middle East. Traders await the speeches from the European Central Bank policymakers later on Thursday for fresh impetus.

Gold price struggles to build on modest intraday gains amid mixed fundamental cues

Gold price struggles to build on modest intraday gains amid mixed fundamental cues

Gold price edges higher during the Asian session, though it lacks follow-through buying. Trade uncertainties and rising geopolitical risks underpin the safe-haven precious metal. The Fed’s hawkish pause lifts the USD to over a one-week high and caps the XAU/USD.

Ethereum stays muted as uncertainty from Middle East crisis weighs on market sentiment

Ethereum stays muted as uncertainty from Middle East crisis weighs on market sentiment

Ethereum is experiencing calmness in its on-chain metrics following an extended period of price consolidation that has spanned the past six days after dropping from above $2,700.

In the Eurozone, inflation is also a monetary phenomenon

In the Eurozone, inflation is also a monetary phenomenon

Monetary aggregates continue to be closely monitored by the European Central Bank (ECB), a sign that, despite the passage of time and the increasing complexity of financing circuits, quantitative theory remains relevant. 

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Majors

Cryptocurrencies

Signatures

Best Brokers of 2025