Gold price approaches a new record high as rising uncertainty drives increased safe-haven demand

Gold prices extended gains on Thursday, approaching the all-time high of $2,956 (Feb 24) after a fresh post-U.S. CPI surge cleared the last key barriers at $2,926/$2,930.

Escalating trade war concerns and the growing risk of an economic slowdown, which strengthens expectations of further Fed rate cuts, along with weaker-than-expected U.S. inflation in February, have further fueled demand for the yellow metal.

Technical indicators on the daily chart have improved following the latest advance, marking the third consecutive day of gains. Moving averages have shifted into a full bullish setup, while the 14-day momentum has entered positive territory.

Recent price action also suggests that the correction from $2,956 to $2,832 may be complete, with bulls potentially aiming for a new high to extend the broader uptrend after a healthy pullback.

A decisive break above $2,956 would open the door toward $2,985 (123.6% Fibonacci projection from the $2,832 rally) and the psychological $3,000 mark.

However, strong resistance at $2,956 could slow bullish momentum, leading to a consolidation phase before a final breakout. Former pivot levels at $2,930/$2,926 (lower platform/Fibonacci 76.4%) provide solid support, expected to limit any downside risk.

Res: 2956; 2985; 3000; 3003
Sup: 2930; 2926; 2908; 2900