Key Points:
- Gold reached a new record high of $3,056.14, fueled by rising expectations for US rate cuts and strong demand for safe-haven assets.
- After hitting a fresh high, gold saw a pullback to $3,044.95, reflecting short-term consolidation.
Gold Hits New Record
Gold prices soared to a new record high of $3,056.14 on Thursday, reflecting ongoing strong demand for the metal amid rising expectations that the Federal Reserve will cut interest rates.
The safe-haven appeal of gold remains strong, as geopolitical tensions and economic uncertainties—like the Middle East Conflicts and Trump’s tariffs—continue to weigh on market sentiment.
Pullback After Fresh High
Following the surge, gold experienced a brief pullback, dipping to a low of $3,044.95. This correction from the new high reflects typical price consolidation after reaching key resistance levels.
Despite the pullback, gold managed to maintain its position above the $3,040 support, signalling ongoing investor confidence and potential for further upward movement.
Technical Outlook
Picture: XAUUSD tests resistance at $3,056.14 after a brief pullback to $3,044.95, as seen on the VT Markets app.
XAUUSD remained relatively stable with a slight 0.02% increase, closing at $3,048.28 after opening at $3,047.97. The price moved between $3,044.95 and $3,056.14, with a short-term upward rally seen towards $3,056.14 before facing resistance.
The moving averages (MA 5,10,30) show a bullish trend, as the price is supported by short-term MAs crossing above the longer-term MA. The MACD (12,26,9) is also showing strength, with the histogram turning green, indicating momentum in the upward direction.
With $3,050 acting as the key resistance level and a fresh high of $3,056.14, gold’s near-term outlook remains positive. A sustained push above this level could lead to further upside, with potential targets near the next resistance around $3,070.
However, a failure to break above these highs could result in a deeper pullback toward the $3,040 level. Investors will be closely monitoring US economic data and Fed rate cut expectations for further directional cues.
