The price of gold fell towards the end of February 2019, and that decline has continued through the start of March. However, over the last few days, gold futures appears to have established support around the $1,280 price level, and on Friday made an attempt to rally upwards as the greenback eased its grip on the yellow metal.

Gold Futures GLD/USD Fundamental Analysis

While the yellow metal may have lost its infamous tag as a safe haven, it is still technically a safe haven. Its gains between October-December last year is a testament that investors still try to shift some of their investments to investing in gold when the stock markets are on a meltdown.

However, as tensions continue to build around the potential US-China trade deal that could rule out a trade war, this could signal market stability, thereby adding pressure to the price of gold. Nonetheless, with various governments still continuing to revamp their gold reserves, the negative sentiment towards the price of gold could be anchored, which means the downward movement won’t be as much. As such, more sideways movement can be expected to go into the new week and potentially through the rest of March 2019.

Gold Futures GLD/USD Technical Analysis (the 240-min Chart)

From a technical perspective, the price of gold appears to have recently bounced off crucial support zone ($1,280-$1,285) based on the 240-min chart above. And given its current momentum, it looks set to for a potential retest of $1,297, where it traded briefly at the start of the month before continuing with the decline.

The bulls appear to have taken control in the short-term, but the jury is still out when looking at things long-term. As such, the bulls will target profits at $1,297 while the bears will be hoping for a pullback towards the $1,280 level.

Gold Futures GLD/USD Technical Analysis (the Daily Chart)

When you look at things with a wider perspective in the daily chart, the $1,297-$1,300, which was a key resistance in December 2018 appears to have resumed its role as a major resistance zone. As such, the bears appear to have full control going into the next week, with a target for profits set at the $1,280 level. On the other hand, the bulls will be hoping that the price of gold can rally back past the $1,300 level and towards $1,317.

In summary, the bulls appear to be taking control of the price of gold in the short-term, but the bears still hold control in the long-term.