After surpassing $ 3,000 last week, a record high reached $ 3.005.04 on Friday before he withdrew. The metal remains supported by the demand for safe haven, where traders keep a close eye on the policy position of the Federal Reserve. A break above $ 3.005.04 would signal a continuation of the uptrend, while a decrease of less than $ 2,978.50 could confirm a reversal in the short term, which could possibly lead to further falls to $ 2,942.64 and lower support at $ 2,880.25. The 50-day advancing average for $ 2,838.00 remains an important level for the intermediate trend.
Independent analyst Ross Norman also sees it upside down, with reference to a strong purchase interest on price dips that are driven by FOMO (fear of missing). He expects gold to reach $ 3,150 earlier than expected.
Economic worries and nourished policy in focus
The US Finance Minister Scott Bessent warned on Sunday that a recession remains a possibility, which contributes to concern about investors about economic uncertainty. US shares closed highly lower last week in the midst of escalating trade tensions, which stimulates the demand for gold as a hedge.
The monetary policy meeting of the Federal Reserve on Wednesday is an important event for traders. The central bank is expected to remain unchanged after they have cut 100 basic points unchanged since September. Lower interest rates usually support gold by actively reducing the alternative costs of retaining non-return.
UBS acknowledged the overbough technical position of Gold, but emphasized that investors are careful with US shares and trust in the power of gold.
Gold prices forecast: Bullish outlook with important resistance levels
Gold remains well supported by economic uncertainty and a Dovish Fed-Outlook. Although short -term pullbacks are possible, a strong demand for dips and constant geopolitical risks suggest a bullish bias. A continuing break above $ 3.005.04 could continue to activate further upside down, with $ 3,150 as the next large target. However, not holding support at $ 2,978.50 can see an increased sales pressure.