Gold breaks through the $3,000 milestone

Gold surged past the psychological $3,000 barrier on Friday, marking a historic milestone that arrived sooner than expected. While the timing was slightly ahead of projections, this move aligns with my previous forecasts in comments and live presentations last year, as the broader fundamental outlook had long been pointing toward this scenario.

Thursday’s strong acceleration cleared the previous record high, reinforcing bullish momentum and setting the stage for today’s breakthrough.

Worsening geopolitical and economic conditions have intensified the flight to safe-haven assets, a trend likely to persist given the lack of positive developments on the horizon.

The escalating trade war continues to threaten already fragile economic conditions in major economies, with the crisis expected to ripple through smaller markets as well. Meanwhile, geopolitical tensions remain a key driver, and increasing signals of further Fed rate cuts are adding to gold’s bullish outlook.

Despite the breakout, a sustained move above $3,000 may take time due to the psychological significance of this level. Immediate technical support remains intact at $2,980 (hourly higher base).

A shallow pullback should hold above $2,980, while a deeper correction must remain above the former record high of $2,956 to keep the broader bullish trend intact.

A daily close above $3,000 would confirm the breakout, exposing upside targets at $3,032 and $3,050 (161.8% and 176.4% Fibonacci projections, respectively).

Res: 3004; 3017; 3032; 3050
Sup: 2986; 2980; 2956; 2942