Gold is approaching the $3,000 mark

Gold prices continue their upward momentum, reaching a new all-time high in early Thursday trading. This surge is fueled by increasing uncertainty over U.S. tariffs and heightened political instability, which have intensified safe-haven demand.

Investor concerns persist that U.S. tariff policies could trigger a trade war, further destabilizing an already fragile global economy.

Additionally, President Trump’s shifting stance on Ukraine and Russia, along with escalating tensions with the European Union, have deepened fears of a broader political and economic crisis. These factors keep traders on high alert, ready to move further into safe-haven assets if conditions deteriorate.

From a technical perspective, the outlook remains strongly bullish. A break above the $2,950 resistance—seen as the last major hurdle before $3,000—could pave the way for a test of the psychological $3,000 mark. A confirmed close above $2,950 would reinforce the bullish signal.

However, some resistance at this level is expected due to its significance and overbought market conditions. Still, given the strong fundamental drivers, any corrections are likely to be limited.

Key support levels are found at $2,942 (previous high), $2,918 (Wednesday’s low), $2,900 (psychological level), and $2,876 (Feb 14 trough).

Res: 2961; 2983; 1991; 3000
Sup: 2942; 2918; 2900; 2876