Gold Breaks Previous Records, Reaches $4,600

Gold surged to a new all-time high of $4,600 in early Monday trading, amid escalating political tensions in the United States. The latest clash between President Trump’s administration and Fed Chair Powell, over a criminal probe targeting the Fed chief, raised fresh concerns over the independence of the U.S. central bank, amplifying uncertainty and boosting demand for safe-haven assets.

Geopolitical risks elsewhere, particularly in Iran, added further support to gold. Heightened U.S. threats against Tehran and Iran’s readiness to respond strongly drove investors toward the safety of the yellow metal.

Gold opened slightly higher on Monday, quickly surpassing its previous record to breach the psychological $4,600 level. The rally pushed the price above the upper boundary of the long-standing bull channel that began after the late-October correction low, generating a fresh bullish signal. Price momentum was rapid, moving decisively from one round-number level to another.

Despite the strong advance, the $4,600 level may pose short-term resistance, as daily technical studies indicate overbought conditions. Nevertheless, limited consolidation with shallow dips could create attractive re-entry points for bulls.

Support is found at the previous high and the bull-channel trendline near $4,550, with a deeper floor around $4,500 providing additional backing for the uptrend.

A sustained move above $4,600 could open the path to initial targets at $4,630, $4,687, and $4,700, with the potential for further acceleration given the ongoing favorable fundamental backdrop and sensitive geopolitical environment.

In this context, gold appears poised to extend the steep rally that began in August, following a three-month consolidation in May–July, which had been characterized by three tight monthly Doji candles.

Res: 4630; 4687; 4700; 4750
Sup: 4550; 4500; 4452; 4429