Gold – Increasing global uncertainty drives prices to new record highs
Gold continues to rise, reaching new record highs on Monday morning. The recent close above the psychological $2700 barrier has generated a fresh positive signal, reinforcing a bullish outlook.
The yellow metal is benefiting from heightened safe-haven demand amid growing uncertainty surrounding the U.S. election and the easing of monetary policies by major central banks. Additionally, ongoing fears of escalating geopolitical tensions, particularly in the Middle East, are further supporting bullion prices.
Gold’s significant price increase in 2024—over 32% since January—contributes to a very optimistic outlook, driven primarily by fundamental factors.
Despite overbought conditions across all larger timeframes, which typically indicate a potential corrective pullback, such a correction has yet to materialize, though some limited easing cannot be ruled out in the near future.
The broken $2700 barrier has reverted to act as initial support, with the previous high at $2685 and the rising 10-day moving average (currently at $2664) ideally containing any dips and maintaining the larger bullish trend.
Res: 2736; 2748; 2768; 2800
Sup: 2719; 2700; 2685; 2664
