Gold soars to a new all-time high, surpassing $2600

Gold surged past the psychological $2600 barrier, reaching a new all-time high on Friday morning. This marks a decisive breakout after an initial post-Fed spike tested but failed to sustain a move above this key resistance level.

The yellow metal rallied as markets fully digested the Fed’s decision, with expectations for further rate cuts, worsening geopolitical tensions, growing uncertainty over fiscal policies in several Western economies, and ongoing U.S. dollar instability all bolstering gold’s safe-haven appeal.

The fresh bull leg, starting from $2546 (following a shallow correction), signals the continuation of the broader uptrend. A close above $2600 would solidify this bullish momentum.

Gold is also on track for its second consecutive weekly gain, following three weeks of indecision marked by Doji candles, which further supports a bullish continuation.

In just ten months, gold has rapidly advanced from $2000, a strong resistance level, to $2600. With sentiment remaining highly bullish, a sustained break above $2600 could initially target $2628 and $2650 (Fibonacci projections), with further momentum potentially aiming for $2700.

Any pullbacks due to partial profit-taking are expected to be shallow, presenting opportunities for fresh positioning as the upward trend continues.

Res: 2614; 2628; 2636; 2650
Sup: 2600; 2589; 2581; 2557