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Gold continues to post modest gains, hovering near its all-time high reached earlier this week. Concerns over escalating trade tensions between the U.S. and China, along with potential economic repercussions from President Donald Trump's aggressive trade policies, are keeping demand for gold strong as a safe-haven asset.
The recent rebound and continued gains confirm a short-term bullish outlook for gold. However, the Relative Strength Index (RSI) indicates slightly overbought conditions, suggesting traders should exercise caution before expecting further upside. A brief consolidation period may be necessary before resuming the uptrend that began from the December lows.
Key support levels include today's low at $2834, which could help stabilize prices ahead of the $2832 zone, followed by the psychologically important $2800 level. A decisive break below $2800 could trigger technical selling, driving prices toward the weekly low near $2772. A sustained drop below this level would open the door for deeper losses.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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