Gold surges to a fresh all-time high, breaking above $3300

Gold surged past the key psychological barrier at $3300, setting a new record high on Wednesday morning, as escalating tensions in the US-China trade war triggered a renewed rush into safe-haven assets, with additional support coming from a weaker US dollar.

Mounting concerns over deteriorating fundamentals — particularly after China announced it would halt all future deliveries from Boeing — intensified fears of significant economic fallout, further boosting demand for the yellow metal.

The latest rally has been swift, with gold climbing from one major milestone to the next in rapid succession: moving from $3000 to $3100, then to $3200, and now breaching $3300, all within a matter of days, underscoring the firm bullish momentum.

A brief dip to $3288 following the new peak is viewed as a healthy consolidation ahead of another potential upward leg. A sustained daily close above $3300 is needed to confirm the breakout and open the way for the next resistance levels at $3329, $3350, and $3378.

However, a break below $3288 — supported by the rising 10-hour moving average — could signal a pause in the rally and prompt a deeper pullback before buyers re-emerge.

Res: 3317; 3329; 3350; 3378
Sup: 3300; 3288; 3277; 3264