Gold prices have soared to an unprecedented high of $2807, driven by a surge in safe haven demand amidst market uncertainties related to the Trump administration's tariff policies. This record-breaking milestone highlights the precious metal's growing appeal to investors seeking stability in turbulent times. However, the path forward for gold remains intricate, with several critical levels and potential price movements shaping the outlook.
Sellers are expected to become more active below the $2770 level, a sensitive point of interest that could see increased intervention. The $2755-$2745 zone serves as a key control point for bearish sentiment, while also providing robust support and acting as a strong tailwind for gold bulls. This area has facilitated gold's recent ascent and continues to offer room for further upward movement.
Should gold manage to breach the $2828 mark, the next short-term target could be $2863, indicating a potential continuation of the bullish trend. On the downside, any retracement may first encounter resistance at $2785, with $2770 as a subsequent support level if $2785 is breached.
The delicate balance between these levels underscores the complexity of gold's current trading environment. As prices fluctuate, the $2745-$2755 zone remains a critical support area, providing a foundation for potential further gains. The interplay between these levels highlights the ongoing tug-of-war between bullish and bearish forces in the market.