Gold surged to an all-time high of $2,845, maintaining its strong upward momentum as demand remains robust. With key resistance and support levels coming into play, investors are watching closely to see if this rally has further room to run or if a pullback is on the horizon.
The bullish trend in gold showed no signs of slowing down on Tuesday, as it soared past previous resistance to achieve a new record. Closing near the day’s high, gold appears set to continue its ascent, with the potential for further gains in Wednesday’s trading session. The breakout above Monday’s resistance signals strength in the market, placing the next price targets into focus.
The next key level is the $2,556 zone, identified by the 127.2% retracement of the most recent major decline following the October peak at $2,790. However, gold is currently facing resistance near today’s high, where a former support trendline has now been tested as resistance. Although this level has not yet been decisively breached, the market could still attempt a breakout above this line. Even if resistance holds, the broader trend remains bullish, reinforcing the case for continued gains in the long term.
Gold has been in a sustained bull market, exhibiting strength and consistency. The latest leg of this rally began after a consolidation breakout in late February 2024. The 100-day moving average, which had briefly turned downward, resumed its upward trajectory in late January, reinforcing the underlying bullish sentiment. These technical signals have kept demand resilient, even during temporary retracements. As with any financial asset, gold’s rise is not a straight line, and periods of consolidation and pullbacks are natural in any long-term advance.
Investors remain focused on the broader bullish picture, with gold’s strong momentum suggesting further potential upside. While short-term fluctuations are expected, the long-term outlook remains constructive as demand continues to support higher prices.
Gold remains a key asset for investors seeking stability and long-term growth. With a solid market foundation and increasing demand, its role as a hedge against uncertainty continues to strengthen.
London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
