Abstract:Gold has successfully broken through multiple resistance levels and printed a new all-time high at 4132. The surge from the previous peak happened within a short timeframe, showing strong bullish mome
Gold has successfully broken through multiple resistance levels and printed a new all-time high at 4132. The surge from the previous peak happened within a short timeframe, showing strong bullish momentum. The price is currently around 4127, and even though a small red candle has formed, the broader trend remains under bullish control. Traders should note that Fed Chair Powell‘s speech later today may heavily influence gold’s next move, potentially triggering another push to new highs or a short-term pullback.
From a technical perspective, gold continues to move within an upward channel, supported by bullish Parabolic SAR dots below price action and Ichimoku signals confirming trend strength. The Stochastic Oscillator remains in the overbought zone, indicating potential exhaustion but not yet signaling a reversal. Bollinger Bands are widening, showing increased volatility as price tests the upper boundary.
Technically, gold‘s strong rally is a continuation of market optimism on expectations of a dovish Fed stance. Fundamentally, the move is driven by declining U.S. Treasury yields and a weakening dollar ahead of Powell’s remarks. Geopolitical uncertainties and ongoing global inflation concerns continue to provide a safe-haven bid for gold, reinforcing its bullish structure in both the short and medium term.
Market Observation & Strategy Advice
1. Current Position: Gold is trading around 4127 after reaching a new all-time high of 4132. The uptrend remains dominant despite minor pullbacks, showing strong bullish momentum supported by market sentiment ahead of Fed Chair Powells upcoming speech.
2. Resistance Zone: 4132 – 4150 area, representing the new record high and the upper boundary of the current bullish channel.
3. Support Zone: 4100 – 4080 range, aligning with previous consolidation and the lower Bollinger Band area that may act as short-term support.
4. Indicators: Technical signals remain bullish, with Parabolic SAR dots forming below price action and Ichimoku confirming trend strength. Stochastic is hovering in the overbought zone, hinting at possible short-term exhaustion, while widening Bollinger Bands reflect rising volatility.
5. Trading Strategy Suggestions:
Buy on dip: Consider long entries if price retraces to the 4100–4080 support area while maintaining bullish signals.
Take profit near resistance: Secure gains around 4135–4150 where selling pressure may increase.
Stay cautious before Powells speech: High volatility is expected; avoid over-leveraging and wait for confirmation after key remarks.
Market Performance:
Precious Metals Last Price % Change
XPTUSD 1,678.99 +1.15%
XAGUSD 52.5456 +0.43%
Today's Key Economic Calendar:
AU: NAB Business Confidence
AU: RBA Meeting Minutes
UK: Unemployment Rate
DE: ZEW Economic Sentiment Index
US: Fed Chair Powell Speech
Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.