Gold Price Forecast Today: Gold prices are facing strong resistance near the $5,000 level as XAU/USD fails to sustain gains above this mark for the third consecutive day. Despite positive global cues and safe-haven demand, gold bulls are finding it difficult to push prices higher.
- ECB Holds Rates in February: Bullish Signals for MCX Gold & Silver? Technical Outlook
- Silver Price Crashes 17% Again: What’s Driving the Sharp Fall Amid Market Volatility
- Silver Price Outlook: Spot Silver Faces $90 Hurdle, Breakout Can Trigger Big Rally
- Gold Price May Hit $6,000 Soon: Neal Bhai Share Big Bullish Outlook
- Gold Price Surges Today: Fed Rate Cut Hopes Push Gold Towards $4,950
The repeated rejection near $5,000 clearly shows that this zone is acting as a major psychological and technical resistance for gold.
Spot Gold changed direction on Thursday, trimming a good chunk of its recent gains. The XAU/USD pair trades around $4,880 in the American afternoon, after briefly surpassing the $5,000 mark during Asian trading hours. It is the third consecutive day on which the bright metal fails to sustain gains above the critical threshold, a discouraging sign for buyers.
Gold retreats despite Wall Street trading in the red, suggesting increased risk aversion. At the same time, the US Dollar (USD) maintains its positive tone, despite weak United States (US) employment-related data. Initial Jobless Claims for the week ended January 31 unexpectedly rose to 231K, while JOLTS Job Openings stood at 6.542 million on the last business day of December, down from the downwardly revised November figure of 6.928 million.
Following the latest monetary policy meeting, Federal Reserve (Fed) officials noted that “Job gains have remained low, and the unemployment rate has shown some signs of stabilization,” indicating less concern about the sector’s situation. The recently released figures are consistent with policymakers’ statements and are expected to have little impact on monetary policy in the near term.
Other than that, the US Bureau of Labor Statistics (BLS) announced that, following the partial government shutdown, it will resume releasing data. The Nonfarm Payrolls (NFP) report and Consumer Price Index (CPI) figures will be out next week.
🟡 What to Expect Next?
- A daily close above $5,000 may open the door for further upside.
- Continued rejection could trigger sideways or corrective movement.
- Volatility may remain high due to global economic and geopolitical developments.
Traders are advised to stay cautious and watch price action near key levels.
Gold (XAU/USD) Short-Term Technical Outlook
The near-term picture for XAU/USD is bearish. The 4-hour chart shows the 20-period Simple Moving Average (SMA) and the 100-period SMA converging around $4,909, providing near-term resistance. At the same time, a modestly bullish 200-period SMA acts as support at $4,655. The Momentum indicator aims lower around its midline, still neutral, while the Relative Strength Index (RSI) indicator hovers at around 46, lacking clear directional strength yet supporting the bearish case.
In the daily chart, XAU/USD trades above a bullish 20-day SMA, which continues heading higher above the 100- and 200-day ones, limiting the bearish case. The 20-day SMA at $4,720 and intraday dips below it continue to attract buyers. Finally, technical indicators hold above their midlines but resumed their declines, reflecting buyers’ discouragement.
🟡 Technical Forecast for Gold (XAU/USD)
From a technical point of view:
- Immediate Resistance: $5,000
- Next Resistance: $5,055 – $5,142
- Immediate Support: $4,655
- Strong Support Zone: $4,550 – $4,500
If gold closes decisively above $5,000, fresh upside momentum may emerge. However, failure to break this level could lead to a short-term correction.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
| Follow us on |
| Telegram, Whatsapp , Facebook, Twitter, Instagram, YouTube, Google Business Profile and Truth Social. |