GOLD climbs to a new record, surpassing $5,300

Gold surged past the $5,300 mark, reaching a new record high of $5,311 early Wednesday, extending its steep and uninterrupted rally. The metal has been moving at unprecedented speed, hitting successive round-number levels in less than 25 hours following the breakthrough of the $5,000 psychological barrier.

The recent sharp decline in the U.S. dollar on Tuesday, which pushed it to its lowest level in four years amid growing concerns over confidence in certain U.S. assets, fueled gold’s acceleration. This was compounded by dominant geopolitical tensions, including escalating U.S.–EU strains, ongoing tariff disputes, and a clouded macroeconomic outlook.

Traders remain highly cautious, avoiding significant profit-taking despite strongly overbought daily indicators, which continue to support the price.

This sets the stage for shallow pullbacks ahead of further upward momentum. The hourly chart shows a minor retracement, with a bull-trap pattern forming above $5,300, the hourly RSI exiting the overbought zone, and a temporary loss of positive momentum.

The broken $5,200 level—reinforced by the rising 20-hour moving average and near the 38.2% Fibonacci retracement of the $4,990–$5,311 uptrend—provides solid support, likely containing dips and allowing for a healthy correction before bulls resume control.

However, a sustained drop below $5,200 could open the door to deeper declines, exposing support levels at $5,150 (50% Fibonacci retracement) and $5,100 (round figure, former strong resistance).

On the upside, a sustained break above $5,300 would target $5,384 (200% Fibonacci expansion of the five-wave cycle from the Nov. 18 low at $3,997), followed by $5,400 (round figure) and $5,500–$5,514 (round figures / 223.6% Fibonacci expansion).

Res: 5277; 5311; 5384; 5400
Sup: 5235; 5200; 5150; 5100