Gold sits close to record $3,150: Will bulls defend $3,100?

Gold attempts at $3100 base and Bulls defend the critical zone.
Reciprocal Tariff by Trump raise concerns, keep safe haven demand intact.
Immediate support sits at $3120, next support $3110.
Bulls need to reclaim resistance $3134-$3144 to advance further beyond $3157

Sunil Kumar Dixit SK Charting

As global markets witness increased concerns over Trump likelihood to announce reciprocal tariff, safe haven demand for Gold keeps prices near record high and at the same time retail traders remain overtly cautious near record high as profit booking is pushing the metal prices to near the psychological zone $3100 though value buyers keep coming and Gold resumes rise to $3135, at striking distance from record $3150

Markets await upcoming ADP nonfarm employment change for clues on dollar and Gold metrics.

So far, 1 hour time frame shows prices moving sideways in a triangle formation.

Immediate support sits at $3120 which carries the current stability while next support is seen positioned at $3110 which attracts buyers on dips towards $3100

If bulls fail to defend $3110 and $3100, sell off is likely to extend deeper towards $3090 followed by $3080-$3070

On the higher side, immediate resistance is actice at $3134 which buuls need to clear for next resistance $3144

If Gold finds enough buying momentum above $3144, the metal is headed for a retest of record $3157 and a tad higher.

Note: Gold on monthly time frame shows overbought conditions indicated by RSI valued at whopping 83 which urges caution on heights. Any news of Trump going soft on Tariff and signs of truce in Ukraine/Gaza will substantially dampen safe haven demand for Gold, crashing Gold prices to $2950 straight.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.