Defending $3,350 support is critical for GOLD buyers
Gold price flirts with weekly lows near $3,350 early Friday after a flattish close on Thursday.
Risk appetite is back on easing Middle East tensions, weighing on safe-havens – Gold price and the US Dollar.
Gold price tests critical 21-day SMA support at $3,350, with the daily RSI still bullish.
Gold price is back in the red early Friday, following a mixed close amid holiday-thinned trading on Thursday.Traders continue to keep a close on the Middle East geopolitical developments and US Fed commentaries for fresh trading incentives.
In the absence of top-tier economic data releases from the US on Friday, Gold price will likely remain at the mercy of the USD dynamics, fuelled by the broader market sentiment, in the face of the ongoing geopolitical upheaval in the Middle East.
There has been no bad news on the Iran-Israel conflict front so far this Friday, rendering positive for markets and reviving risk flows.US President Trump reportedly said that he will give Iran a last chance to make a deal to end its nuclear program. Trump noted on Thursday that he would delay his final decision on launching strikes for up to two weeks.
Reports of the US easing its aggression on Iran are lifting higher-yielding assets at the expense of safe havens such as Gold price and the USD.
However, the end-of-the-week flows and the markets’ repositioning in the aftermath of the Fed’s policy announcements could influence the Gold price action as US traders return after the Juneteenth holiday break. Geopolitics will continue to lead the sentiment, primarily.
Daily technical analysis
Technically, Gold buyers remain hopeful so long as the 14-day RSI holds above the midline. The leading indicator is currently pointing south, near 52.
Gold price must defend the critical short-term support of the 21-day SMA at $3,350 on a daily or weekly closing basis to reinforce buying interest.
If that fails, the 50-day SMA at $3,318 will be put to test. The next downside cap is aligned at $3,297, the 38.2% Fibo level of the April record rally,
Alternatively, Gold price recovery will need a clear break of $3,377, the 23.6% Fibo level of the same ascent to revisit the $3,400 supply zone.
Further upside will challenge the static resistance at $3,440 will be tested.
Buyers will then take on the two-month highs of $3,453.
Defending $3,350 support is critical for GOLD buyers
Gold price is back in the red early Friday, following a mixed close amid holiday-thinned trading on Thursday.Traders continue to keep a close on the Middle East geopolitical developments and US Fed commentaries for fresh trading incentives.
In the absence of top-tier economic data releases from the US on Friday, Gold price will likely remain at the mercy of the USD dynamics, fuelled by the broader market sentiment, in the face of the ongoing geopolitical upheaval in the Middle East.
There has been no bad news on the Iran-Israel conflict front so far this Friday, rendering positive for markets and reviving risk flows.US President Trump reportedly said that he will give Iran a last chance to make a deal to end its nuclear program. Trump noted on Thursday that he would delay his final decision on launching strikes for up to two weeks.
Reports of the US easing its aggression on Iran are lifting higher-yielding assets at the expense of safe havens such as Gold price and the USD.
However, the end-of-the-week flows and the markets’ repositioning in the aftermath of the Fed’s policy announcements could influence the Gold price action as US traders return after the Juneteenth holiday break. Geopolitics will continue to lead the sentiment, primarily.
Daily technical analysis
Technically, Gold buyers remain hopeful so long as the 14-day RSI holds above the midline. The leading indicator is currently pointing south, near 52.
Gold price must defend the critical short-term support of the 21-day SMA at $3,350 on a daily or weekly closing basis to reinforce buying interest.
If that fails, the 50-day SMA at $3,318 will be put to test. The next downside cap is aligned at $3,297, the 38.2% Fibo level of the April record rally,
Alternatively, Gold price recovery will need a clear break of $3,377, the 23.6% Fibo level of the same ascent to revisit the $3,400 supply zone.
Further upside will challenge the static resistance at $3,440 will be tested.
Buyers will then take on the two-month highs of $3,453.
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