Gold reaches unprecedented peak

On Friday, gold soared to a fresh all-time peak, surpassing the psychological milestone of $2400. Its ascent remained swift, requiring only a few days to traverse from one significant round figure to another.

Rising geopolitical tensions sustained demand for safe-haven assets, notably bolstered by central bank purchases, propelling the metal’s value higher. This upward trajectory countered any dampening effects from robust US economic indicators and a stronger dollar, which had previously tempered expectations for an imminent rate cut by the Federal Reserve in June.

This marks the fourth consecutive week of gains for the precious metal, which has maintained a steep upward trajectory for the past two months, boasting a remarkable 16% increase since the year’s outset.

From a technical standpoint, the outlook remains bullish, with the breakthrough of the broader range (2020/2024) signaling a continuation of the overarching uptrend.

Bullish sentiment is anticipated to persist in the coming months, with favorable conditions supporting safe-haven assets. The next significant target lies at $2500, garnering attention.

Under current circumstances, any declines are likely to be limited, presenting opportune moments for purchasing.

Res: 2400; 2411; 2428; 2440

Sup: 2370; 2358; 1324; 2300