- Gold remains on the back foot for the second consecutive day.
- 21-day, 50-day EMA convergence restricts immediate downside, $1,798 holds the key for buyer’s entry.
Gold trims intraday losses while picking bids around $1,768.50, down 0.20%, heading into Friday’s European session.
In doing so, the bright metal justifies late Thursday’s bounce off a two-week low, not to forget the failure to provide a daily closing below 21-day and 50-day EMA confluence.
Given the downward sloping RSI line, gold sellers are likely to stay in the power but will have to break the key $1,763 support to ward off the upside risk.
Meanwhile, 200-day EMA near $1,792 guards the bullion’s short-term upside ahead of the previous support line and the monthly peak surrounding $1,798.
It should, however, be noted that the gold bulls may wait for a clear run-up beyond the $1,800 threshold before challenging February’s top close to the $1,816.
Gold daily chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD remains weak below 0.6300 despite upbeat Chinese PMI data
The AUD/USD pair remains under selling pressure around 0.6280 during the early Asian session on Thursday. The Australian Dollar pares losses against the Greenback after the stronger Chinese economic data. However, the upside might be limited as US President Donald Trump announced sweeping global reciprocal tariffs, prompting traders to turn cautious.
USD/JPY slumps to three-week low amid Trump's tariffs-inspired risk-off impulse
USD/JPY dives to a three-week low during the Asian session on Thursday as Trump's sweeping trade tariffs provide a strong boost to traditional safe-haven assets. The anti-risk flow triggers a steep decline in the US Treasury bond yields, which drags the USD back closer to a multi-month low touched in March.
Gold price hits fresh all-time peak in reaction to Trump's tariffs
Gold price spiked to a fresh record high on Thursday as investors grew increasingly concerned over the economic impact of Trump’s sweeping tariffs. This triggers a global risk-aversion trade and boosts the safe-haven bullion. Fed rate cut bets, declining US bond yields, and heavy USD selling benefits the non-yielding yellow metal.
Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs
Bitcoin and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.
Trump’s “Liberation Day” tariffs on the way
United States (US) President Donald Trump’s self-styled “Liberation Day” has finally arrived. After four straight failures to kick off Donald Trump’s “day one” tariffs that were supposed to be implemented when President Trump assumed office 72 days ago, Trump’s team is slated to finally unveil a sweeping, lopsided package of “reciprocal” tariffs.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.