Gold eases from new all-time high ($3057) on Thursday, as strongly overbought daily studies prompted partial profit taking, while stronger dollar also pressured metal’s price.
Gold price advanced strongly after a recent consolidation and broke the $3000 milestone, lifted by increased safe haven demand.
Growing concerns about the magnitude of negative impact from trade war, including weakening global economy and likely rise of inflation, escalating geopolitical tensions and more hawkish than expected Fed continue to fuel gold’s bullish stance.
Gold was up around 16% in 2025 and held a steep uptrend in the first three months this year, with limited corrections seen as positioning for continuation of larger uptrend as most of key factors that directly influence gold’s performance, are expected to remain favorable for the yellow metal.
Broken $3000 level now acts as solid support which should ideally contain, with extended dips to find firm ground above rising 10DMA ($2974) to keep larger bulls intact and offer better opportunities to re-enter bullish market.
Res: 3057; 3079; 3100; 3108.
Sup: 3018; 3000; 2974; 2956.
 on Thursday, as strongly overbought daily studies prompted partial profit taking, while stronger dollar also pressured metal’s price.){kind=link}