Gold prices on Friday pared early gains after the release of the US labor market report for January 2025 and closed near $2,859.88 an ounce.
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Silver price
Silver price retreated after hitting a weekly high of $32.64 and fell below the psychological mark of $32.00 following the release of mixed US employment data. The surge in US Treasury bond yields and the greenback remaining bid was unfavorable for the gray metal. Hence, silver (XAG/USD) closed down over 1% at $31.78.
Technical Analysis of Spot Gold Price
The near-term technical outlook and forecast point to overbought conditions and suggest that gold could undergo a downward correction before extending its uptrend. The Relative Strength Index (RSI) indicator on the daily chart remains above 70 and gold is trading near the upper boundary of a seven-week-old ascending regression channel.
On the downside, $2,818 (midpoint of the ascending channel) aligns as immediate support before $2,785 (former resistance, stable level, lower boundary of the ascending channel). A daily close below the latter could attract technical sellers and open the door for additional losses towards $2,750, where the 20-day simple moving average (SMA) is located.
Looking north, the first hurdle can be seen at $2,892 (upper boundary of the ascending channel, all-time high) before $2,900 (roundabout level). If gold stabilizes above $2,900 and confirms that level as support, $2,940—$3,012 could be seen as the next hurdle.
