Renewed safe-haven demand pushes gold to a fresh record high

Gold surged to a new record high on Friday, briefly breaking through the psychological $2800 barrier, extending Thursday’s 1.3% advance.

The metal gained support from renewed safe-haven demand following tariff threats from President Trump, who announced a 25% duty on imports from Canada and Mexico while considering further levies on Chinese goods.

Weaker-than-expected U.S. economic growth in the final quarter of 2024, along with persistent inflation and strong physical gold demand—particularly from central banks—also contributed to the rally.

The technical outlook remains firmly bullish across all timeframes, with a decisive break above $2800 paving the way for upside targets at $2850, $2890, and $2946, while also bringing the psychological $3000 mark into focus—a key target highlighted in my previous analysis.

Gold is set for a monthly gain of over 6% in January, marking its strongest monthly advance since March 2024, while also registering a fifth consecutive bullish weekly close.

However, with $2800 acting as a significant resistance level and overbought conditions emerging, the price may enter an extended but likely shallow consolidation before the broader uptrend resumes.

Immediate support stands at $2790 (former peak), followed by $2770 (5-day moving average) and $2758 (rising 10-day moving average), which should contain any deeper pullbacks.

Res: 2801; 2850; 2890; 2946
Sup: 2790; 2785; 2770; 2758