-
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.
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
Editors’ Picks
Gold price jumps to refresh record high above $3,070 amid Trump's tariff plans
Gold price hits a fresh all-time peak above $3,070 in the Asian session on Friday as escalating global trade tensions, the uncertainty over Trump's reciprocal tariffs, and the risk-off mood continue to drive safe-haven flows. Bets that the Fed will resume its rate-cutting cycle soon lend additional support to the bullion.
USD/JPY falls toward 150.50 after hot Tokyo CPI; US PCE awaited
USD/JPY has come under moderate selling pressure and heads toward 150.50 early Friday. Hot Tokyo CPI figures and BoJ's March Summary of Opinions ramp up BoJ rate hike bets, supporting the Japanese Yen. Meanwhile, tariff jitters undermine the US Dollat, bolstering the haven demand for the Yen.
AUD/USD drops below 0.6300 amid trade war fears
AUD/USD drops back below 0.6300 in Friday's Asian trading, undermined by broad risk-aversion due to US President Trump's latest auto tariffs announcements. Traders now look to the US PCE Price Index for some meaningful impetus. Hopes for more stimulus from China could cap the Aussie's decline.
XRP yet to see gains despite Ripple's partnership with Chipper Cash
XRP failed to recover on Thursday, noting a 2% decline despite Ripple's latest partnership with mobile payment services provider Chipper Cash. The collaboration aims to support cross-border payments for Chipper Cash using Ripple Payments.
US: Trump's 'Liberation day' – What to expect?
Trump has so far enacted tariff changes that have lifted the trade-weighted average tariff rate on all US imports by around 5.5-6.0%-points. While re-rerouting of trade will decrease the effectiveness of tariffs over time, the current level is already close to the highest since the second world war.
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.