Gold breaks through a key resistance area amid renewed surge in safe-haven demand

Gold prices climbed on Thursday morning as a new round of US import tariffs came into effect, intensifying global uncertainty and boosting safe-haven demand.

The rally pushed prices through the key \$3400 resistance zone (76.4% Fibonacci of \$3438/\$3268, psychological level, and upper boundary of a daily triangle), though the initial breakout lacked follow-through momentum.

As anticipated, bullish momentum encountered resistance, leading to a pullback toward the midpoint of a three-day consolidation range.

The technical outlook has improved, with daily indicators turning more supportive. However, momentum remains flat just above the midline, and the overbought stochastic points to potential short-term headwinds—particularly after recent false breakouts above and below the triangle formation.

The triangle pattern continues to narrow, suggesting a decisive breakout is imminent, likely providing the next directional signal.

Fundamental factors remain favorable for the bullish case. A sustained break above \$3400 would confirm continuation and open the way towards \$3438 and \$3452 (peaks from July 23 and June 16), with the record high at \$3500 (posted on April 22) standing as a key longer-term target.

On the flip side, a break below triangle support at \$3347 would begin to erode the near-term bullish structure. However, confirmation of a bearish reversal would require a drop below the daily Ichimoku cloud top (\$3335), shifting the focus toward \$3300, \$3286, and \$3268 (psychological level, cloud base, and July 30 multi-week low, respectively).

Res: 3400; 3405; 3414; 3438
Sup: 3365; 3353; 3347; 3335