(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Gold Prices Sparkle Again: Restarts Increase on Recession Fears

Article background

Aayush Jindal

Key Highlights

  • Gold started a fresh increase after a dip to the $2,950 support zone.
  • The bulls could face hurdles near $3,085 and $3,120 on the 4-hour chart.
  • Bitcoin is still struggling to start a fresh increase above the $83,500 resistance zone.
  • EUR/USD is eyeing more gains above the 1.1150 resistance zone.
  • The US CPI could rise 2.6% in March 2025 (YoY).

Gold Price Technical Analysis

Gold prices started a fresh increase from the $2,950 support zone. The recent recession fears and trade war sparked an increase above the $3,000 resistance.

The 4-hour chart of XAU/USD indicates that the price remained stable above the 200 Simple Moving Average (green, 4 hours) and cleared the $3,020 resistance. The bulls pushed the price toward the 50% Fib retracement level of the downward move from the $3,167 swing high to the $2,956 low.

The price gained traction above the 100 Simple Moving Average (red, 4 hours) and might continue to rise. On the upside, immediate resistance is near the $3,085 level or the 61.8% Fib retracement level of the downward move from the $3,167 swing high to the $2,956 low.

The next major resistance sits near the $3,120 level. A clear move above the $3,120 resistance could open the doors for more upsides. The next major resistance could be $3,140, above which the price could rally toward the milestone level of $3,180.

On the downside, initial support is near the $3,045 level. The first key support is near $3,040. The next major support is near the $3,020 level.

The main support is now $3,000. A downside break below the $3,000 support might call for more downsides. The next major support is near the $2,950 level.

Looking at Bitcoin, the price remained in a bearish zone and might struggle to start a recovery wave above the $83,500 resistance.

Economic Releases to Watch Today

  • US Consumer Price Index for March 2025 (MoM) – Forecast +0.1%, versus +0.2% previous.
  • US Consumer Price Index for March 2025 (YoY) – Forecast +2.6%, versus +2.8% previous.
  • US Consumer Price Index Ex Food & Energy for March 2025 (YoY) – Forecast +3.0%, versus +3.1% previous.
Excellent
Trustpilot
Open a Live accountOpen a Demo account
Loading