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Technically, gold is consolidating after reaching a record high of $3,057.59 last week. A break above that level would resume the uptrend with open-ended upside potential. Key near-term support lies at $2,968.92, while the 50-day moving average at $2,874.97 remains the critical level for longer-term bulls.
Gold Market Outlook: Bullish Bias Holds Above Key Support
With support from a weakening dollar, central bank dovishness, and tariff uncertainty, gold demand is expected to remain firm. Unless inflation data surprises to the upside or tariff fears ease substantially, dips are likely to be shallow. As long as gold holds above $2,968.92, the broader bullish structure remains intact, keeping $3,100 and potentially $3,150 in focus over the near term.
More Information in our Economic Calendar.
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