Slobodan Drvenica
Windsor Brokers
XAU/USD
Gold price eased in the US trading on Friday after hitting the levels just ticks under new record high ($2942, posted on Tuesday), but remains well supported and on track for the seventh consecutive weekly gain.
Friday’s partial profit-taking pushed the price lower, but dips are unlikely to go deeper as overall sentiment remains very bullish.
Investors are concerned about the new set of US reciprocal tariffs on every country that imposes taxes on US imports which could further fuel worries about an escalation of trade war and additionally boost already strong safe haven demand, also boosted by geopolitical tensions and elevated inflation.
Technical picture on daily chart remains bullish, with price adjustments expected on overbought conditions, following shallow and short-lasting pullback from new record high, seen earlier this week.
Violation $2900 support exposes rising 10DMA ($2878), Wednesday’s spike low ($2864) and Fibo 23.6% of $2583/$2942 rally ($2857).
Weekly close above $2900 to add to positive signals.
Res: 2921; 2942; 2946; 2983.
Sup: 2893; 2878; 2864; 2857.
Interested in XAU/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD struggles to build on previous week's gains, stays below 1.0500
EUR/USD stays under modest bearish pressure and trades below 1.0500 on Monday. The cautious market mood supports the US Dollar and limits the pair's upside, while trading action remains subdued, with US markets remaining closed on Presidents' Day.
GBP/USD ranges near 1.2600 as US Dollar steadies
GBP/USD fluctuates in a tight channel near 1.2600 in the second half of the day on Monday. Trading volumes are likely to remain thin as financial markets in the US enjoy a log weekend in observance of the Presidents' Day holiday.
Gold clings to modest daily gains near $2,900
Gold regains its traction and trades in positive territory near $2,900 following Friday's sharp decline. Although financial markets in the US remain closed on Monday, investors will scrutinize political headlines and comments from Fed officials.
Five fundamentals for the week: Peace talks, Fed minutes and German election stand out Premium
US President Donald Trump remains prominent, especially in a week when high-level peace talks kick off. Nevertheless, the Commander-in-Chief competes with the world's most powerful central bank, and other events are of interest as well.
Bitcoin Price Forecast: BTC stalemate soon coming to an end
Bitcoin price has been consolidating between $94,000 and $100,000 for almost two weeks. Amid this consolidation, investor sentiment remains indecisive, with US spot ETFs recording a $580.2 million net outflow last week, signaling institutional demand weakness.
The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.