Gold remains in focus as it nears record highs, driven by safe-haven demand amid economic and geopolitical uncertainties. Key upcoming data, including US unemployment claims and the Bank of Japan’s policy decision, may influence market sentiment. Technically, bullish momentum persists, with traders eyeing critical resistance and support levels for direction. Growing concerns over US trade policies and inflation risks continue to shape the broader market outlook.
High Impact Economic Events
Thursday 15:30 (GMT+2) – Canada: Retail Sales m/m (CAD)
Thursday 15:30 (GMT+2) – USA: Unemployment Claims (USD)
Friday Tentative – Japan: BOJ Policy Rate (JPY)
Friday 10:15 am (GMT+2) – France: French Flash Manufacturing PMI (EUR)
Friday 10:15 am (GMT+2) – France: French Flash Services PMI (EUR)
Friday 10:30 am (GMT+2) – Germany: German Flash Manufacturing PMI (EUR)
Friday 10:30 am (GMT+2) – Germany: German Flash Services PMI (EUR)
Friday 11:30 am (GMT+2) – UK: Flash Manufacturing PMI (GBP)
Friday 11:30 am (GMT+2) – UK: Flash Services PMI (GBP)
Friday 16:45 (GMT+2) – USA: Flash Manufacturing PMI (USD)
Friday 16:45 (GMT+2) – USA: Flash Services PMI (USD)
Chart Analysis
Gold found support at $2,535.59 per troy ounce on November 14, subsequently transitioning into a two-month consolidation phase initiated by a Hammer candlestick pattern, which marked the end of its decline. This was followed by a failure swing reversal, evidenced by a higher trough at 2,595.99 and a successful break above the pivotal 2,639.01 resistance level—both developments indicative of strengthening bullish momentum.
The positive bias was further reinforced when a Golden Cross formed, as the 20-period Exponential Moving Average (EMA) crossed above the 50-period EMA, firmly supporting the upside scenario. This confluence of signals propelled XAUUSD to 2,763.23, approaching the all-time high of 2,789.94.
Additional technical indicators also point to sustained upward pressure. The Momentum Oscillator has risen above the critical 100 threshold, suggesting a continued bullish drive, while the Relative Strength Index (RSI) remains above its midpoint at 50, highlighting ongoing buying interest. Collectively, these factors support the potential for further upside in the near term.

Key Resistance Levels
Should the buyers maintain market control, traders may direct their attention toward the four potential resistance levels below:
2763.23: The initial resistance level is established at 2763.23, which mirrors the daily high marked January 22.
2789.94: The second price target is set at 2789.94, representing the 261.8% Fibonacci Extension drawn from the swing high, 2724.60, to the swing low, 2689.27.
2800.45 The third price objective is observed at 2800.45, which corresponds with the weekly resistance, R3, calculated using the standard Pivot Points methodology.
2838.93: An additional upside target is projected at 2838.93, mirroring the 423.6% Fibonacci Extension drawn from the swing high, 2724.60, to the swing low, 2689.27.
Key Support Levels
Should the sellers take market control, traders may consider the four potential support levels listed below:
2724.60: The initial support level is estimated at 2724.60, corresponding to the high point formed on January 16.
2694.63: The second support level is identified at 2694.63, representing the weekly Pivot Point, PP, calculated using the standard methodology.
2665.13: The third support level is seen at 2665.13, reflecting a peak from January 3.
2583.21: An additional downside target is 2583.21, mirroring the low point marked on December 19.
Fundamentals
Gold surged to its highest level since October, driven by investor concerns over US President Donald Trump’s expanding tariff threats and immigration policies. Traders are assessing the potential economic impact, with fears that tariff measures could fuel inflation and limit the Federal Reserve’s ability to ease monetary policy. Despite these concerns, gold continues to benefit from safe-haven demand amid geopolitical uncertainties. Spot gold climbed 0.5% to $2,763.23 per ounce, while silver edged lower and platinum and palladium posted gains.
Conclusion
Gold’s bullish trajectory remains intact as it hovers near record highs, supported by strong technical signals and safe-haven demand amid global uncertainties. Key upcoming economic data and geopolitical developments will likely influence market sentiment in the short term. Traders should stay vigilant, monitoring critical support and resistance levels to navigate potential price fluctuations.