Gold reaches a new all-time peak, surpassing $4,400 per ounce

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Gold surged to a new record high, climbing above the $4,400 per ounce mark following an early Monday rally of 1.8%, pushing prices further into uncharted territory.

The latest surge was supported by heightened safe-haven demand amid fragile geopolitical and economic conditions, alongside growing expectations of a more dovish Federal Reserve stance in 2026.

Despite the Fed maintaining a cautious, data-dependent approach to monetary policy, markets are pricing in at least two rate cuts next year. This outlook is fueled by weakening US labor market conditions and the anticipated departure of Jerome Powell in May, with a new Fed chair expected to adopt a more accommodative policy aligned with President Trump’s preference for looser monetary measures.

Gold reached a peak of $4,420 this morning, with a subsequent pullback reflecting a typical correction from overbought levels on the daily chart.

The breached $4,400 level, along with the former high at $4,381, has now turned into solid support, likely limiting the depth of any correction and maintaining momentum for further gains.

A daily close above $4,400 would confirm a fresh bullish signal, keeping the focus on the upside, with key targets at $4,430, $4,448, and $4,460, while the psychological $4,500 level remains in sight.

Res: 4420; 4430; 4448; 4460
Sup: 4400; 4381; 4375; 4350