Gold reaches a new all-time high, poised to break firmly above $3,000

Gold surged past the $3,000 mark again on Tuesday, setting a new record high.

Escalating geopolitical tensions, fueled by renewed attacks in the Gaza region, a deepening political crisis between the US and the European Union, and growing concerns over the severe economic impact of the ongoing trade war, have intensified market uncertainty. This fragile environment has driven fresh demand for the safe-haven appeal of gold.

Bulls remain on course for a decisive break above the $3,000 threshold, as strong fundamentals continue to outweigh bearish signals from overbought technical indicators.

The next upside targets are set at $3,032 (Fibonacci 138.2% projection from the $2,832 rally), followed by $3,050 (176.4%) and $3,076 (200% projection).

On the downside, the broken $3,000 level has turned into initial support, with a firmer base at $2,980.

Res: 3032; 3050; 3076; 3100
Sup: 3004; 3000; 2980; 2956