Gold Analysis Overview:
- Today's Gold Trend: Upward.
- Today's Gold Support Points: $3055 - $3020.
- Today's Gold Resistance Points: $3100 - $3128.
Gold Price Technical Analysis and Expectations Today:
The spot gold price trend remains upward. According to gold analysts' forecasts, prices will continue their upward trajectory as long as they stabilize around and above the psychological resistance of $3000 per ounce. Recent gains may push the gold price index towards a new historical peak of $3100 per ounce. However, it's worth noting that recent gold gains have pushed technical indicators towards strong overbought levels, as evidenced by the performance of the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
Meanwhile, momentum indicators show a growing overbought condition, analysts say the market continues to benefit from strong fundamental support. According to gold trading platforms, Friday's trading also marked the end of the last full trading week of the month and quarter. Furthermore, gold prices rose by about 8% in March and are on track to end the second quarter with gains of 17%.
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Upcoming Gold Price Forecast
Regarding the expected gold bullion prices in the coming days, despite the significant rise in gold prices so far this year, prices still have upward momentum. Generally, traders should keep in mind that the trade war is not over, meaning there are many unknown events still lingering. This suggests that after a pullback, gold prices may continue to rise.
Overall, there is a technical and fundamental justification for gold prices to continue rising from now on. Considering everything currently happening in the global economy, and the way the Trump administration is trying to restructure global trade, it creates a lot of uncertainty – and that's good for gold. Looking ahead to the new week's trading, some gold market analysts say that $3,100 will be an important level to watch, and may indicate an imminent market top.
Alongside the technical momentum for gold, its price remains well supported as US economic data continues to highlight slowing growth. Moreover, this week's US employment data is expected to generate some volatility. Also, some analysts believe that any weakness in the US labour market could weigh on stock markets and boost demand for gold as a safe haven.
Trading Tips:
We still recommend buying gold at every downward level, but without risk and distributing the trading amount across several different levels to achieve the best trading results.
Most Important Technical Levels for Gold Today:
- Today's Support Levels of Gold: $3,066, $3,050, and $3,020 per ounce.
- Today's Resistance Levels for Gold: $3,100, $3,125, and $3,150 per ounce.
Frequently Asked Questions About Today's Gold Analysis:
1.Will gold's trend remain bullish forever?
The historical trajectory of gold prices has been upward, subject to a downward correction and then a return to the historical upward trend. Take advantage of any price decline and buy.
2.Will gold prices decline in the coming days?
Gold prices will only decline when global geopolitical tensions ease, the US dollar weakens, and central banks' purchases of gold bullion decline.
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