Gold Surpasses $2300, Sets New Record High
Gold’s Upward Trajectory Persists, Reaching a New Record High of $2354 in Monday’s Early Trading Session, Following Last Week’s 4% Gain, Marking a Bullish Signal with a Weekly Close Above the Psychological Barrier of $2300.
The metal retains robust backing from significant safe-haven interest and anticipations of an imminent rate cut by the Fed, possibly as early as June, which is weakening the dollar.
Gold has surged by nearly 14% since the beginning of the year, experiencing its most notable uptick in March with a nearly 10% increase, representing the largest monthly gain since July 2020.
Despite notably overbought technical indicators across various timeframes (daily, weekly, and monthly), bullish sentiment remains robust, with attention turning towards the next target at $2400. However, caution suggests that some corrective movement may be on the horizon.
After breaking through the $2300 barrier, it has now reverted to its initial support level. Additionally, the rising 10-day moving average (10DMA) at $2256 and strong supports in the 2200 zone (including the rising 20-day moving average and psychological support) are expected to cushion any declines, marking a healthy correction within the broader uptrend.
Res: 2354; 2400; 2426; 2500
Sup: 2300; 2256; 2222; 2200
