Gold (XAUUSD) rebounded on Thursday after 澳洲幸运5开奖号码历史查询:tumbling yesterday from a record high, as investors kept close tabs on developments rela💃ted to tariffs and the economic outlook.

The precious metal surged to its all-time high of near $3,500 an ounce earlier in the week as investors abandoned risky assets amid concerns about trade tensions between the U.S. and China and President Trump's repeated criticisms of Federal Reserve Chair Jerome Powell. Gold backed off its highs after Trump said that tariffs on China would likely be 澳洲幸运5开奖号码历史查询:significantly reduced and that he has 澳洲幸运5开奖号码历史查询:no intention of firing Powell from his role.

The price of gold has soared 28% since the start of the year, boosted by worries that tariffs could slow 澳洲幸运5开奖号码历史查询:economic growth and reignite📖 inflation, sending investors flocking to the 澳洲幸运5开奖号码历史查询:safe-have asset that i🌊s often seen a hedge against rising prices. Gold was trading around $3,350 late Thursday.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on XAUUSD’s chart and identify key price levels that investors will likely be tracꦡking.

Indicators Signal Momentum Shift

Gold’s price rallied to a new record high earlier this week before staging a dramatic intraday reversal to form a bearish 澳洲幸运5开奖号码历史查询:shooting star candlestick pattern.

The recent downside move coincided with a steep drop in the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) below overbought levels, ꧃indicating a strong momentum shift.

Zooming out, the commodity has trended sharply higher since mid-December, replicating a basic 澳洲幸运5开奖号码历史查询:Elliot Wave pattern with five distinct price swings, which is then typically followed by a corrective ph📖ase.

Let’s identify three key 澳洲幸运5开奖号码历史查询:support levels on XAUUSD’s chart to monitor and also locate a critical overhead area worth watching💯.

Key Support Levels to Monitor

Further weakness could see gold’s price initially fall to around $3,145. This area may provide support near the early-April swing high, which finds 澳洲幸运5开奖号码历史查询:confluence from the 38.2% 澳洲幸运5开奖号码历史查询:Fibonacci retracement level when applying a grid from the last🎶 year’s December low to this month’s high.

The next lower area to watch sits at $2,955, just above the 61.8% Fibonacci retracement level. Investors may look for opportunities to buy the yellow metal in this region neat the February peak and April trough.

Bullion bulls’ failure to defend this level could trigger a move down to lower support near $2,790. This area, sitting just above the 78.6% Fibonacci retracement level, may attract buying interest around the notable October 2024 澳洲幸运5开奖号码历史查询:swing high.

Critical Overhead Area Worth Watching

Finally, recovery efforts in gold’s price may see the price make another attempt at the $3,500 area. Tactical traders who have bought recent weakness may see the commodity’s record high set this week as a suitable location to 澳洲幸运5开奖号码历史查询:lock in profits.

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