Key Highlights
- Gold started a fresh increase after a dip to the $2,950 support zone.
- The bulls could face hurdles near $3,085 and $3,120 on the 4-hour chart.
- Bitcoin is still struggling to start a fresh increase above the $83,500 resistance zone.
- EUR/USD is eyeing more gains above the 1.1150 resistance zone.
- The US CPI could rise 2.6% in March 2025 (YoY).
Gold Price Technical Analysis
Gold prices started a fresh increase from the $2,950 support zone. The recent recession fears and trade war sparked an increase above the $3,000 resistance.
The 4-hour chart of XAU/USD indicates that the price remained stable above the 200 Simple Moving Average (green, 4 hours) and cleared the $3,020 resistance. The bulls pushed the price toward the 50% Fib retracement level of the downward move from the $3,167 swing high to the $2,956 low.
The price gained traction above the 100 Simple Moving Average (red, 4 hours) and might continue to rise. On the upside, immediate resistance is near the $3,085 level or the 61.8% Fib retracement level of the downward move from the $3,167 swing high to the $2,956 low.
The next major resistance sits near the $3,120 level. A clear move above the $3,120 resistance could open the doors for more upsides. The next major resistance could be $3,140, above which the price could rally toward the milestone level of $3,180.
On the downside, initial support is near the $3,045 level. The first key support is near $3,040. The next major support is near the $3,020 level.
The main support is now $3,000. A downside break below the $3,000 support might call for more downsides. The next major support is near the $2,950 level.
Looking at Bitcoin, the price remained in a bearish zone and might struggle to start a recovery wave above the $83,500 resistance.
Economic Releases to Watch Today
- US Consumer Price Index for March 2025 (MoM) – Forecast +0.1%, versus +0.2% previous.
- US Consumer Price Index for March 2025 (YoY) – Forecast +2.6%, versus +2.8% previous.
- US Consumer Price Index Ex Food & Energy for March 2025 (YoY) – Forecast +3.0%, versus +3.1% previous.
