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Gold is trading within the $5000–$5100 per ounce range, while the overall price tone remains positive as long as the XAU/USD pair holds above the 20-day SMA (Simple Moving Average). However, if there is a decisive break below the psychological level of $5000, a moderate correction cannot be ruled out.
Momentum is weakening: the Relative Strength Index is close to the neutral zone, indicating that buyers are reluctant to continue aggressively pushing prices higher.
In the short term, the XAU/USD pair may once again test the $5000 area, but for bulls the key support levels remain $5050 and the psychological level of $5000. A break below $5000 would open the way to the next level at $4950. After that, the next targets would be the 50-day moving average and the February 17 low near $4840.
In the opposite scenario, if the gold price consolidates above $5100, the first significant resistance will be the March 4 high at $5206. After that, the $5250 level could act as the next barrier, followed by the $5300 area, which would return to focus as the next round-number target for bulls.
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