Gold Surges Above $2,900 Amid Geopolitical and Trade Tensions
Technical Analysis: Gold Eyes $2,950 Resistance
On the H4 chart, gold has rebounded from $2,834, with the RSI climbing above 50 and the MACD showing bullish momentum. Key resistance is at $2,950—breaking above this level could open the door to $3,000. Meanwhile, support lies at $2,880, aligning with the 50-period SMA. A drop below this level may trigger a correction toward $2,850.
Market Outlook: Focus on U.S. Jobs Data
Investors are watching the upcoming Non-Farm Payrolls (NFP) report. Strong job data could temper gold’s rally, while weaker figures may drive further upside. Given the geopolitical backdrop and trade tensions, gold remains well-positioned as a safe-haven asset in the near term.
On the H4 chart, gold has rebounded from $2,834, with the RSI climbing above 50 and the MACD showing bullish momentum. Key resistance is at $2,950—breaking above this level could open the door to $3,000. Meanwhile, support lies at $2,880, aligning with the 50-period SMA. A drop below this level may trigger a correction toward $2,850.
Market Outlook: Focus on U.S. Jobs Data
Investors are watching the upcoming Non-Farm Payrolls (NFP) report. Strong job data could temper gold’s rally, while weaker figures may drive further upside. Given the geopolitical backdrop and trade tensions, gold remains well-positioned as a safe-haven asset in the near term.
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