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MTrading Team • 2024-03-08

Gold eases from record top, focus on $2,150, US NFP

Gold eases from record top, focus on $2,150, US NFP

Gold price snaps seven-day winning streak while retreating from the all-time high (ATH) of nearly $2,165 to $2,156 early Friday. In doing so, the precious metal portrays the consolidation of recent gains ahead of the all-important US employment details for February amid the overbought RSI (14) conditions. It’s worth noting, however, that the bullion still trades above the immediate resistance-turned-support, namely the previous record high marked in 2023 around $2,150. Hence, the XAUUSD sellers need validation from the US jobs report as well as the $2,150 to retake control. Following that, a quick fall toward the late December 2023 peak of around $2,090 and the $2,065-64 support zone can’t be ruled out. Even so, the commodity bears need to remain cautious unless the quote offers a daily closing beneath three-week-old rising support and the 100-SMA, respectively near $2,050 and $2,022.

On the flip side, the Gold buyers stay in the driver’s seat and can aim for a 10-month-old ascending resistance line, close to $2,185 by the press time, during further upside. Should the quote manage to ignore the RSI conditions and remain firmer past $2,185, the $2,200 round figure will act as an extra filter toward the north. It’s worth noting that the XAUUSD’s successful trading above $2,200 enables buyers to aim for the 78.6% Fibonacci Extension (FE) of its moves between 2018 and 2022, around $2,336.

Overall, Gold price remains on the bullish trend but a pullback appears imminent unless the scheduled data fail to inspire US Dollar’s rebound.

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