Amid escalating concerns about global inflation and the recent weakness of the US dollar, gold has regained its luster, trading above $3310 per ounce, supported by strong buying momentum and encouraging technical levels. As prices approach key resistance, traders are asking the most important question: Is gold poised to break all-time highs?
Gold Overview
- Current Price 3312.24
- General Trend (H1): Strongly Upward
- Daily High 3319.26
- Nearest Resistance 3324.09
- Pivotal Support 3271.53
Gold has been trading in a clear ascending channel since April 10, achieving steady gains while breaking important technical levels, supported by moving averages and a positive overall trend.
Complete Technical Analysis
Technical Indicators:
- MACD: Clearly positive, reflecting accelerating buying momentum.
- Stochastic: It is in overbought areas (above 77), indicating a possible temporary correction before any new momentum.
Influential Economic Factors
- US Consumer Price Index (CPI): An unexpected rise may boost gold’s safe-haven appeal.
- US Treasury yields: A decline in these indicators enhances the appeal of non-income-generating gold.
- Geopolitical tensions or volatility in stock markets: These are considered a direct catalyst for gold’s rise during periods of uncertainty.
Today’s Gold Forecast – Trading Scenarios
Bullish Scenario (Probable):
- A clear break above 3324.09 will push the price to test 3330.38, and if it exceeds it, we may witness an extension towards 3350.
Negative Scenario (Corrective):
- If indicators show signs of overbought conditions and fail to break 3324.09, gold may decline towards 3271.53, which represents an opportunity to regroup and relaunch.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3324.09 | 3271.53 |
| Target Point 1 (TP1) | First resistance: 3350.38 | First support: 3245.24 |
| Target Point 2 (TP2) | Second resistance: 3358.31 | Second support: 3240.44 |
| Stop Loss (SL) | 3271.53 | 3324.09 |
Gold is confidently moving in an upward direction, supported by clear buying momentum, which keeps the breakout scenario valid as long as the price does not lose support at 3271. With markets awaiting important economic data, volatility may increase, so caution is warranted, especially in the event of short-term corrections.
