Gold Price Update: Testing $2,790 All-Time High as Momentum Builds
Gold prices have surged past $2,726, setting the stage for a potential test of the all-time high at $2,790. Currently trading around $2,749 per ounce, the precious metal is encountering some resistance near $2,763. This resistance appears to be driven by profit-taking after an impressive 5.3% rally since the start of 2025.
Gold Price Analysis: Momentum and Technical Indicators
Despite the short-term resistance, there is still room for further gains as Gold edges closer to its record high. Technical indicators suggest that bullish momentum is intact.
- MACD: The Moving Average Convergence Divergence (MACD) is steadily rising, showing no signs of overbought conditions.
- RSI: Although the Relative Strength Index (RSI) briefly entered overbought territory, it has since cooled off, falling below the overbought level. This creates room for potential upside in the near term.
Key Factors Influencing Gold Prices
Market sentiment will play a critical role in determining whether Gold can continue its bullish trend. Potential factors include:
- Geopolitical and Economic Policies: New policies from Trump’s administration could introduce volatility, influencing risk sentiment across markets.
- Shift in Risk Appetite: A pivot in market focus to other asset classes, such as equities or bonds, could cap Gold’s upward trajectory.
Gold Price Forecast: Resistance and Support Levels
Our outlook suggests that Gold may test the all-time high at $2,790 before encountering a minor rejection. This could lead to a retracement to the $2,750-$2,760 range before another attempt to break higher. A decisive break above $2,800, accompanied by clear consolidation, would confirm a bullish breakout and open the door for further gains.
Support Levels to Watch:
- A dip below $2,726 could trigger a pullback toward the trendline support at $2,680.
Resistance Levels to Watch:
- The critical resistance zone remains at $2,790, with the $2,800 mark acting as the next key psychological level.
Conclusion
Gold’s strong start to 2025 highlights its continued appeal as a safe-haven asset. While short-term profit-taking may temporarily cap gains, technical indicators point to further upside potential. Traders and investors should keep an eye on key resistance and support levels, as well as market sentiment shifts that could impact Gold's trajectory.
