Gold is edging closer to its all-time high of $2,790, with trading experts highlighting key levels and macroeconomic factors set to influence the metal’s trajectory.
With markets bracing for announcements from the Federal Reserve, along with key U.S. GDP and PCE inflation data, sentiment around gold remains finely balanced. The interplay of these economic drivers is expected to influence gold’s short-term direction.
Technical indicators suggest a sustained uptrend
Notably, RLinda, in a recent TradingView post, observed that despite a slight pullback, gold prices remain within a well-defined ascending channel, signaling a strong and sustained uptrend.
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Each pullback has found support at critical levels, indicating robust buying interest. Currently trading at $2,752, gold is approaching a significant resistance level at $2,762, which could determine its short-term trajectory.
A successful breakout here would likely pave the way for a test of the all-time high at $2,790.
However, the analyst also pointed to a potential false breakdown around the 0.5–0.7 Fibonacci retracement levels, suggesting a liquidity trap that could shake out weaker hands before a potential rally.
Gold predictors have echoed this outlook, highlighting the metal’s consistent bullish trend. Analysts noted a series of consolidations followed by breakouts, identifying $2,790 as a critical psychological resistance level.
Gold price key levels to watch
The $2,762 resistance level remains the immediate focal point for traders. A breakout above this level would signal bullish strength, potentially driving prices to retest the $2,790 all-time high.
This level carries significant psychological and technical weightage, making it a key threshold for determining the sustainability of the current uptrend.
On the downside, $2,751 and $2,747 stand out as critical support levels. These zones have consistently provided a safety net during recent pullbacks. A breach below these levels could signal a shift in sentiment, potentially leading to a deeper retracement toward $2,735.
Gold key fundamentals
The Federal Reserve’s rate decision this week is expected to heavily influence gold’s trajectory.
While rates are likely to remain unchanged, a hawkish tone from policymakers could strengthen the U.S. dollar, applying downward pressure on gold. Inflation data, as reflected in the PCE index, will also play a crucial role. Stronger-than-expected inflation figures could raise the likelihood of further rate hikes, potentially capping gold’s rally.
Moreover, volatility in tech stocks, spurred by a Chinese AI startup, DeepSeek has weighed on broader markets, indirectly influencing gold’s appeal.
With key levels in focus, gold’s short-term path will likely be shaped by a combination of technical and fundamental factors. Investors should remain cautious as the market navigates these dynamics.
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