Gold continues to set fresh record highs in every session, reaching close to $4400 during Friday’s trading.
Gold extended its record-setting rally on Friday, surging to $4380 in early trading after jumping 2.8% on Thursday and closing above $4300. The move marked the fastest advance between two major round-figure levels in just one session, underscoring the strength of the ongoing uptrend.
The metal continues to accelerate within its steep bullish channel, driven by intensifying demand for safe-haven assets amid a historic rally. Gold is heading for a weekly gain exceeding 8%, its strongest performance since September 2008, after climbing nearly $400 over the past five sessions and advancing around 66% since the start of the year.
The sustained uptrend is fueled by multiple geopolitical and financial concerns, including escalating US–China trade tensions, renewed confrontational rhetoric among Moscow, Washington, and NATO over the Ukraine conflict, fragile stability in the Middle East, and mounting political and economic uncertainty in several advanced economies. Strong central bank purchases and fresh signs of stress in US regional banks have further reinforced gold’s appeal.
Despite strongly overbought daily and weekly conditions, bulls remain dominant. However, some near-term correction cannot be ruled out, as the 14-day momentum has turned lower and the RSI flattened, indicating early signs of exhaustion.
Any potential pullback is expected to be limited, likely representing a consolidation phase before the next upward leg if the current supportive backdrop remains intact. The recently broken $4300 level now acts as initial support, with deeper retracements ideally holding above $4200 (psychological and Thursday’s low) or at least the rising daily Tenkan-sen at $4160. Sustained traction above these zones would preserve the bullish structure and keep the focus on $4400, followed by a potential test of the $4500 key barrier.
Res: 4380; 4400; 4422; 4500
Sup: 4300; 4278; 4200; 4160
