Gold Price Forecast: New Record Highs Amidst Unstoppable Momentum
Gold Price Reaches New Heights
The gold price has continued its rally, achieving a record high of 2,664 on Tuesday. As it maintains strong upward momentum, analysts focus on significant target zones defined by important ABCD pattern resistances, looking towards possible gains beyond 2,675.
Resistance Levels and Future Targets
Today’s high approached critical resistance levels of 2,660 and 2,661, highlighting potential areas for pullbacks. Should these levels be surpassed, new targets of 2,710 emerge, with a crucial pivot at 2,724 based on larger patterns established from earlier price lows.
Support Levels to Watch
In terms of potential support, a dip below 2,623 may signal deeper corrections. Maintaining the short-term trendline established from last week's low could provide vital guidance. Key observation points include last week’s high of 2,626 and this week’s low at 2,614.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.