Facts:
- Gold has maintained a bullish trajectory since breaking above $2,500-$2,600 in late 2024
- Currently trading at $2,940, near all-time highs of $2,954
- The low at $2877 provides immediate support
- RSI at 69.2 indicates bullish momentum
- The price action is at the 23.6% Fibonacci retracement level, which could act as a potential rebound point.
Recommendation:
- Transaction: Long position on Gold at market price
- Target: $3,000
- Stop: $2,880
Opinion: Gold is showing strong bullish momentum while avoiding overbought conditions. The price is maintaining a consistent pattern of higher highs and higher lows within an ascending channel. The price action is at the 23.6% Fibonacci retracement level, which could act as a potential rebound point. Current catalysts include escalating trade tensions following U.S. tariff warnings, increasing safe-haven demand, and the U.S. dollar’s weakness. With gold ETF inflows demonstrating institutional confidence and the upcoming PCE report potentially weakening the dollar further, the outlook remains positive.
