The gold price staged a strong recovery on Thursday afternoon. It fell sharply initially, trading down to $3,120 – its lowest level in close to five weeks. But it went on to stage a decent rally, which took gold back above $3,250, the day’s high, and the close.

But it pulled back below $3,200 again in early trade on Friday, and it looks like a coin toss to decide short-term direction. Looking at the chart, the yellow metal continues to run into resistance at $3,250 while support comes in, rather neatly, around $3,150 – a level which previously acted as resistance at the beginning of last month.

The daily MACD has pulled back sharply from the seriously overbought levels around mid-April, when the gold price hit a fresh all-time high of $3,500. It is now hovering just above the neutral area, but pointing down, suggesting that momentum remains to the downside.

But the MACD is also back to levels from which a fresh leg in the rally could begin. Much will depend on how the precious metal behaves in the early part of next week.

Source: TN Trader

Silver was also down on Friday. It broke down below $32 yesterday (the lower end of its recent trading range) but rallied back up along with gold. It has remained relatively stable compared to gold, having spent the last four weeks mostly consolidating between $32 and $33 per ounce.


Gain the edge

Sign up and unlock early
access to exclusive trading
insights and educational tips.

I confirm I am 18 years old or above.

By signing up to hear from us, you agree to our terms and privacy policy.

Please keep me updated on Trade Nation’s sponsorships, news, events and offers.

The markets are moving.

Start trading now.

Get startedarrow-icon
arrow-icon

Trade on our
award-winning
platform

Payment methods

Trade on

Regulatory bodies

UK - FCA

Australia - ASIC

Seychelles - FSA

Bahamas - SCB

South Africa - FSCA

Sponsors of your favourite teams

team-iconteam-icon

The legal stuff

Financial Spread Bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Refer to our legal documents.

Trade Nation is a trading name of Trade Nation Financial UK Ltd, a financial services company registered in England & Wales under company number 07073413, is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Our registered office is 14 Bonhill Street, London, EC2A 4BX, United Kingdom.

Trade Nation is a trading name of Trade Nation Australia Pty Ltd, a financial services company registered in Australia under number ACN 158 065 635, is authorised and regulated by the Australian Securities and Investments Commission (ASIC), with licence number AFSL 422661. Our registered office is Level 17, 123 Pitt Street, Sydney, NSW 2000, Australia.

Trade Nation is a trading name of Trade Nation Ltd., a financial services company registered in the Bahamas under number 203493 B, is authorised and regulated by the Securities Commission of the Bahamas (SCB), with licence number SIA-F216. Our registered office is No. 3 Bayside Executive Park, West Bay Street & Blake Road, Nassau, New Providence, The Bahamas.

Trade Nation is a trading name of Trade Nation Financial Markets Ltd, a financial services company registered in the Seychelles under number 810589-1, is authorised and regulated by the Financial Services Authority of Seychelles (FSA) with licence number SD150. Our registered office is CT House, Office 6B, Providence, Mahe, Seychelles.

Trade Nation is a trading name of Trade Nation Financial (Pty) Ltd, a financial services company registered in South Africa under number 2018 / 418755 / 07, is authorised and regulated by the Financial Sector Conduct Authority (FSCA), with licence number 49846. Our registered office is 19 9th Street, Houghton Estate, Johannesburg, Gauteng, 2198 South Africa. 

The information on this site is not directed at residents of the United States or any particular country outside the UK, Australia, South Africa, The Bahamas or Seychelles and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

© 2019-2025 Trade Nation. All Rights Reserved