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.
