Gold Technicals: The price of gold is lower on the day but keeps its bullish bias.

Gold prices experienced a notable pullback today, dropping approximately 1.12%. This follows a strong rally that saw the precious metal reach a daily high of $5,249.87 before rotating back toward the midpoint of its trading range at $5,167.

Key Technical Levels & Price Action

The current market structure is defined by several critical support and resistance zones that will dictate the next move:

• Upside Resistance & Targets: After breaking above the February 11th high of $5,116.73, the price initially pushed through the $5,235 target level. Traders are now watching to see if gold can reclaim momentum to retest that $5,235–$5,250 zone.

• The 61.8% Fibonacci Floor: A vital level for the bulls is the 61.8% retracement at $5,141.61. Maintaining a position above this level is essential for keeping the immediate “bullish bias” intact.

• Secondary Support: Below the Fibonacci level sits the previous February 11th high of $5,116. As long as the price stays above these two markers, the outlook remains cautiously optimistic.

The Downside Risk

If the price fails to hold the 61.8% retracement, the technical focus shifts to the 100-hour moving average, which is currently trending around $5,081–$5,082. This moving average has historically served as a reliable “launchpad” for the market, as seen in last week’s trading when prices bounced off this level multiple times before beginning their upward rotation.

Summary for Traders

The takeaway for today is a “wait and see” approach regarding these support levels. If the support at $5,141 and $5,116 holds, the path of least resistance remains toward the recent highs. However, a break below these could signal a deeper correction toward the 100-hour moving average.