Gold in neutral mode, awaiting next signal
Gold maintained a muted tone around the $2,900/ounce mark as the new week kicked off, disregarding concerns about a potential US economic slowdown. The precious metal continues to hover around its 20-day simple moving average (SMA) for the fourth-consecutive trading day, awaiting a fresh directional catalyst.
Upside momentum quickly faded after a rebound attempt at the start of the month, reinforcing fears that the decline from the all-time high of $2,954 has yet to bottom out.
With the RSI trending downwards and the stochastic oscillator on the verge of a negative crossover, optimism for a bullish continuation is dimming. If the price closes below its 20-day SMA and the $2,900 round-level, attention will shift back to the $2,855 support area. A breach of this floor could pave the way for further downside toward the 50-day SMA, aligning with the 38.2% Fibonacci retracement level of the December-February rally at $2,810. A firm drop below the October 2024 high of $2,790 could accelerate losses toward the critical support zone at $2,720.
On the flip side, if gold manages to cross above the nearby resistance of $2,920, bullish forces could initially pause near the top of $2,954 before aiming for a fresh all-time high near $2,980. Beyond that, the rally might extend toward the key trendline region of $3,025-$3,050.
In summary, gold currently maintains a neutral-to-bearish stance. A decisive break above or below the 20-day SMA will likely set the stage for the next significant market move.
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