Gold price rally slows down above $2,900 as profit-taking kicks in
Gold price has maintained its strong bullish momentum in 2025, marking its eighth consecutive week of gains. This week alone, prices have surged 2.4%, reaching a fresh all-time high of $2,955 per ounce.
However, Friday’s Asian session saw a pullback toward $2,925, with the metal now trading near $2,927 in early European hours, supported by the 100-hour EMA. While short-term technicals show signs of weakness, broader market conditions, including inflation concerns and geopolitical risks, continue to support the bullish outlook.
Concerns over potential global trade disruptions tied to U.S. President Donald Trump’s tariff policies have kept demand for safe-haven assets elevated. Inflationary risks linked to protectionist measures further reinforce gold’s appeal as a hedge. Additionally, doubts over US consumer strength and a weaker dollar are limiting downside risks.
Gold price outlook shifts in short-term but broader trend remains bullish
After reaching a new record high of $2,955 on Thursday, gold has pulled back but remains above critical support near $2,920. Price action over the past two days has consistently held this level, allowing buyers to accumulate positions. A break below $2,920 could lead to a retest of the upward trendline above the $2,900 psychological mark, which may act as a key defensive zone for bulls.
Gold price dynamics (February 2025). Source: TradingView.
On the hourly chart, the short-term momentum has shifted from bullish to bearish, while the 4-hour RSI has moved from bullish to neutral. This reflects a slowdown in momentum but not a decisive shift in trend. The daily chart, however, suggests gold remains slightly overbought, increasing the possibility of further profit-taking.
While short-term price action suggests consolidation, gold remains well-positioned to extend its uptrend. A decisive move above $2,955 could open the door to new highs, while buyers will likely defend support near $2,920. If that level fails, the next key test would be the upward trendline above $2,900. With fundamental drivers intact, any pullbacks could present renewed buying opportunities.
Gold has surged to a fresh record high of $2,955 despite the daily RSI in overbought territory. This is driven by a mix of geopolitical developments and Trump’s influence on the gold market.
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