Gold's Rise: A New Bull Market Dawns

Expert market comment made by Chief Market Analyst Alex Kuptsikevich of the FxPro Analyst Team: Gold's Rise: A New Bull Market Dawns
FxPro | 148 days ago

Gold's Rise: A New Bull Market Dawns

Gold prices reached all-time highs at the end of last month and have continued to climb steadily into the first week of February. This marks the sixth consecutive bullish weekly candle, with a 2.5% gain over the past seven days. This performance is noteworthy, especially given the fluctuations in most other markets.

From a technical perspective, gold is starting a Fibonacci extension pattern. The global rally commenced in October 2023 following initial signals from the Federal Reserve indicating an easing of monetary policy and a subsequent slowdown in the pace of rate hikes. Between October and November 2024, after appreciating by 55% to reach the $2790 level, gold experienced significant profit-taking, resulting in a pullback to $2550, which represents 76.4% of the initial rally. This was followed by several weeks of intense trading between bullish and bearish market participants.

By the end of December, steady buying momentum had returned to the gold market. A move above $2800 in late January has led to discussions about the potential onset of a new global growth wave. If this trend continues, the price of gold may potentially reach the $3400 per troy ounce area between August and October of this year.

In contrast, silver remains more subdued, currently sitting 7% below its highs from October last year. However, it has shown strong performance over the past week. Should gold continue its upward trajectory, silver is expected to rise at a faster pace, thereby recovering lost ground.

By the FxPro Analyst Team

Regulation: FCA (UK), SCB (The Bahamas)
read more
Why Silver could be the precious metal of 2025

Why Silver could be the precious metal of 2025

The gold bar is metallic yellow and slightly behind the silver bar, which is metallic white and positioned in front. Gold may still be the headline act, but silver’s no longer content playing second fiddle. In 2025, silver isn’t just glittering - it’s surging forward as one of the most exciting metals on the market.
Deriv | 22h 36min ago
Risk-on sentiment fades as tariffs return to the spotlight 

Risk-on sentiment fades as tariffs return to the spotlight 

Dollar surrenders gains posted after robust labour market report; Trump celebrates US budget bill approval; scheduled to sign it today; Most Fed members feel more comfortable as July rate cut is priced out; Oil steadies near $66, gold rally retains momentum;
XM Group | 1 day ago
ATFX Market Outlook 4th July 2025

ATFX Market Outlook 4th July 2025

The U.S. economy added 147,000 jobs in June, beating expectations of 110,000, while the unemployment rate fell to 4.1%. Traders are now betting that the Fed is unlikely to cut rates before September. Meanwhile, the House narrowly passed Trump's major fiscal bill by a vote of 218 to 214. U.S. stocks rallied on Thursday, hitting fresh record highs.
ATFX | 1 day ago
Nonfarm payrolls take center stage

Nonfarm payrolls take center stage

Slide in US private payrolls raise concerns about NFP miss - US strikes trade deal with Vietnam ahead of July 9 deadline - Pound feels the heat of fiscal shenanigans - S&P 500 hits fresh record high ahead of jobs report
XM Group | 2 days ago
Rate Shifts Steer FX Markets as Silver Holds Strong

Rate Shifts Steer FX Markets as Silver Holds Strong

On July 3, silver stays firm above $35.40 as Fed cut bets persist. EUR/USD holds near 1.1800, while GBP/USD lingers near 1.3585 ahead of UK jobs data. JPY strengthens after BoJ signals a hawkish pause. AUD/USD slips on weak trade surplus. Focus turns to US NFP and ISM data for market direction before the US holiday break.
Moneta Markets | 2 days ago