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Gold prices continue their record-breaking rally, surpassing the previous peak and setting a new all-time high near $3,038 per ounce, exceeding the projected target of $3,020.
From a technical perspective, the 4-hour chart shows that gold remains well-supported by the simple moving averages, which continue to reinforce the upward trend. The price action is also unfolding within a well-defined ascending channel, further sustaining bullish momentum.
As long as trading remains above the psychological support level of $3,000, further gains remain likely. A breakout above $3,038 would strengthen the uptrend, potentially paving the way for new highs around $3,050 and $3,060. Conversely, failure to maintain stability above this key level could expose gold to downside pressure, leading to a potential retest of $2,985 and $2,971.
Today’s trading session is expected to be highly volatile due to key US economic events, including the Federal Interest Rate Decision, Federal Reserve Statement, Federal Reserve Chairman’s Press Conference, and the Federal Reserve Economic Outlook. These factors could significantly impact gold prices.
Given the prevailing trade tensions and economic uncertainty, risk remains elevated, making multiple market scenarios possible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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