Gold price (Yellow Metel) extends its upside during the early European trading hours on Friday. The growing concerns about US President Donald Trump’s tariff plans provide some support to the precious metal. Additionally, a decline in US bond yields across the curve contributes to the yellow metal’s upside.
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Technically Forecast
Technically, gold price maintains a strong uptrend on the daily time frame as the price remains above the 100-day exponential moving average (EMA). However, the 14-day relative strength index (RSI) remains in the overbought region above 70.0 and some caution is needed before positioning for any further gains.
The first upside barrier for the yellow metal emerges in the $2,942-$2,943 region, which represents the all-time peak touched on Tuesday. Extended gains could extend to the upper limit of the Bollinger Bands at $2,955. A decisive break above this level could pave the way to the psychological level of $3,000.
Crucial support level
On the other hand, initial support is seen at $2,864, which is the February 12 low. To the south, additional downside to watch is $2,737, which is the January 29 low. The crucial support level is located in the $2,675 area, which represents the lower border of the Bollinger Bands and the 100-day EMA.
