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Gold Eyes Fresh Highs—Further Rally May Be Imminent

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Aayush Jindal

Key Highlights

  • Gold started a fresh surge and traded to a new record high above $3,000.
  • It broke a major bearish trend line with resistance at $2,920 on the 4-hour chart.
  • Bitcoin is still struggling to clear the $85,000 resistance zone.
  • EUR/USD is eyeing more gains above the 1.0950 resistance zone.

Gold Price Technical Analysis

Gold prices started a fresh rally above the $2,920 resistance. The bulls pumped the price above the $2,950 level and the price traded to a new record high.

The 4-hour chart of XAU/USD indicates that the price remained in a positive zone above $2,950, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours).

The bulls even pumped the price above the $3,000 level. The current price action suggests a high chance of more gains above the $3,005 level. On the upside, immediate resistance is near the $3,012 level. The next major resistance sits near the $3,025 level.

A clear move above the $3,025 resistance could open the doors for more upsides. The next major resistance could be $3,050, above which the price could rally toward the milestone level at $3,080.

On the downside, initial support is near the $2,975 level. The first key support is near $2,965. The next major support is near the $2,950 level.

The main support is now $2,925. A downside break below the $2,925 support might call for more downsides. The next major support is near the $2,900 level.

Looking at Bitcoin, the price attempted a recovery wave but the bears are still active below the $85,000 level.

Economic Releases to Watch Today

  • US Industrial Production for Feb 2025 (MoM) – Forecast 0.2%, versus 0.5% previous.
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