Peter Smith
Gold's holding steady near multi-year highs, but today's action tells an interesting story. While the yellow metal dipped slightly, it's refusing to give up much ground—a sign that buyers might still be lurking beneath the surface. Let's break down what's happening with XAU right now.
Gold (XAU) Price Holds Above Key Support
Gold is sitting at $3,365.30 per ounce right now, down just 0.17% for the day. That's basically a rounding error in gold terms, especially considering how volatile things have been lately.
According to trader @leofinanzas, what's really catching traders' attention is how well gold's defending its technical levels. The metal is still comfortably above its 20-day EMA at $3,360 and the 50-day EMA near $3,336. These moving averages have been acting like a safety net, and as long as gold stays above them, the bulls are still in control.
The big picture hasn't changed much—inflation worries, bond yield movements, and general market jitters continue to keep gold on investors' radar. It's that classic safe-haven play that never really goes out of style.
Gold (XAU) Price Outlook
Here's what traders are watching: if gold can push back above $3,380-3,400, we might see another leg higher toward those recent peaks. But if selling pressure picks up and we break below the $3,335-3,360 support zone, things could get interesting fast.
A real breakdown would likely target the 200-day EMA down at $3,082—that's a pretty significant drop from here. On the flip side, any fresh macro uncertainty or safe-haven flows could easily push gold back toward its highs.
For now, it's a waiting game. Gold in that frustrating consolidation mode where it's not doing much of anything, but that often sets up the next big move.
Peter Smith
