Gold continues its upward momentum, reaching new all-time highs as technical and fundamental factors align. A strong bullish trend, marked by key technical signals like the Golden Cross and failure swing reversal, has fueled buying interest. Meanwhile, momentum indicators support the ongoing rally, suggesting further gains if market conditions remain favorable. Amid this backdrop, traders are also keeping an eye on key support and resistance levels, while broader economic events, including labor market data and central bank decisions, add another layer of market influence.
High Impact Economic Events
Wednesday 15:15 (GMT+2) – USA: ADP Non-Farm Employment Change (USD)
Wednesday 17:00 (GMT+2) – USA: ISM Services PMI (USD)
Thursday 14:00 (GMT+2) – UK: Official Bank Rate (GBP)
Thursday 15:30 (GMT+2) – USA: Unemployment Claims (USD)
Friday 15:30 (GMT+2) – Canada: Employment Change (CAD)
Friday 15:30 (GMT+2) – USA: Non-Farm Employment Change (USD)
Chart Analysis
Since bouncing off the low of 2536.59 on November 14, triggered by a Hammer candlestick pattern, the XAUSUD precious metal has rallied above the 50-period Exponential Moving Average (EMA), driven by a confluence of technical and fundamental factors to record new all-time highs. Specifically, the formation of a failure swing reversal intensified the buying pressure, elevating the exchange rate. Additionally, the formation of a “Golden Cross” double crossover, where the 20-period EMA crossed above the 50-period EMA, heightened buying interest.
Momentum indicators further underscore the strengthening bullish conditions. The Momentum Oscillator remains above the critical threshold of 100, indicating ongoing upward pressure, while the Relative Strength Index (RSI) stays comfortably above the neutral level of 50, reflecting sustained buying interest. Collectively, these technical factors suggest potential for further gains in the near term, provided market conditions remain favorable.

Key Resistance Levels
Should the buyers maintain market control, traders may direct their attention toward the four potential resistance levels below:
2868.45: The initial resistance level is identified at 2868.45, aligning with the weekly resistance, R2, calculated using the standard Pivot Points methodology.
2875.57: The second price target is set at 2875.57, aligning with the 261.8% Fibonacci Extension drawn from the high point, 2785.84, to the low point, 2730.38.
2919.86: The third price objective is observed at 2919.86, corresponding with the weekly resistance, R3, calculated using the standard Pivot Points methodology.
2965.31: An additional upside target is projected at 2965.31, mirroring the 423.6% Fibonacci Extension drawn from the high point, 2785.84, to the low point, 2730.38.
Key Support Levels
Should the sellers take market control, traders may consider the four potential support levels listed below:
2785.84: The initial support level is estimated at 2785.84, corresponding to the high point marked January 24.
2725.99: The second support level is identified at 2725.99, representing an internal trendline.
2695.13: The third support level is seen at 2695.13, reflecting the weekly support, S2, calculated using the standard Pivot Points methodology.
2665.13: An additional downside target is 2665.13, mirroring the high point from January 3.
Fundamentals
Gold surged to a record high above $2,857 per troy ounce as the US-China trade war reignited, with President Trump’s 10% tariff on Chinese imports and subsequent targeted retaliation from Beijing. The heightened trade tensions have driven haven demand for gold. The precious metal’s rally is also influenced by concerns over potential inflation and the impact on US monetary policy. A weaker dollar following a US jobs report further supported gold’s ascent. Market observers note that ongoing geopolitical uncertainties, including Trump’s Gaza proposal, could continue to bolster gold prices.
Conclusion
Gold’s strong upward momentum remains intact, supported by key technical signals and a favorable fundamental backdrop. With momentum indicators reinforcing the bullish trend, traders will be watching key resistance and support levels for potential price movements. While broader economic events, such as labor market data and central bank decisions, may introduce volatility, the overall outlook suggests continued strength in the gold market, provided external factors remain supportive.