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Spotlight on Gold: Profit Booking or Structural Decline? 3/10/2025

After reaching a record high of $3,897, gold prices faced heavy profit-taking, retreating to $3,819 before attempting to stabilize.

Technical Outlook:

  • 50-day SMA: Price action remains supported above the moving average, preserving the broader bullish structure.
  • RSI: Currently sending negative signals, reflecting weaker momentum and creating intraday volatility.
  • Trend Bias: The overall trend remains bullish, but conflicting indicators suggest the market is in a consolidation phase.

Probable Scenario:

  • Bearish Case: A break below 3,819 could trigger further selling, with downside targets at 3,810 and then 3,775 if bearish pressure extends.
  • Bullish Case: A breakout above the recent high at 3,897 with sustained consolidation could reignite bullish momentum, targeting 3,931 as the next resistance.

Risk Warning: The risk/reward balance is skewed, and volatility is expected with today’s US Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data. Market reactions could be sharp in either direction.

Risk Disclaimer: Trading CFDs involves risks, and therefore all scenarios may be plausible. The content above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.

S1: 3810.00R1: 3887.00
S2: 3775.00 R2: 3931.00
S3: 3731.00R3: 3965.00

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