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While the recent surge may have cooled, the broader bullish narrative hasn’t changed. The combination of rate cut expectations, geopolitical risk, and defensive asset rotation continues to favor gold.
Short-term corrections are healthy and expected after such a strong move, but unless macro conditions shift meaningfully, any retracement is likely to attract buyers. The long-term gold prices forecast remains constructive, supported by solid fundamentals and growing demand for safety.
Technically, taking out last week’s high at $3057.59 will signal a resumption of the uptrend with no upside targets. The nearest support is a minor bottom at $2832.72, followed by a key pivot at $2770.94. This level represents value so buyers are likely to step in on a pullback to this price.
Although we don’t see any headwinds, the market is still vulnerable to a near-term correction because of the increasing distance between the current price and the 52-week moving average at $2571.40. This is creating a “hot condition”, which could slow down the buying or even encourage some profit-taking. However, unless this indicator is taken out with conviction, the long-term uptrend should remain intact.
More Information in our Economic Calendar.
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