Gold surges to a fresh all-time high as markets reel from Trump’s latest decisions

Gold opened with a strong upside gap and posted a fresh record high at $4690 on Monday, after President Trump unsettled markets over the weekend by threatening additional tariffs on several EU countries. European leaders began preparing retaliatory measures, further intensifying an already heated dispute surrounding Greenland.

The Western world has entered a new phase of the existing geopolitical crisis, marked by rising risks of conflict among NATO allies. These developments add to already elevated tensions linked to Iran, the recent US attack on Venezuela, and the war in Ukraine as it enters its fourth year.

Deepening political divisions and an increasingly uncertain economic outlook across most developed economies continue to cloud the broader macro picture.

These latest developments, largely anticipated by analysts, triggered renewed flows into safe-haven assets, led by precious metals.

Prices are holding above the $4600 level, despite a marginal weekly close just below this area at $4596. The next round-figure resistance at $4700 is now under growing pressure, after early Monday’s rally stalled only $10 below this key barrier.

The daily technical structure remains firmly bullish, although overbought conditions warn that the rally may pause for consolidation.

Near-term price action is so far confined to a narrow consolidation range above $4650, while protecting the session low at $4620 and the psychological $4600 support, where pullbacks are ideally expected to attract fresh buying interest.

A sustained break below $4600, however, would signal the risk of a deeper corrective move and expose the next major supports at $4550, corresponding to the former highs of December 26/29, followed by the $4500 round-figure level.

Res: 4700; 4721; 4761; 4800
Sup: 4650; 4620; 4600; 4562