Gold marches to consecutive all-time highs
Gold has been in a steep uptrend following its profound break above the 50-day simple moving average (SMA), posting a barrage of fresh all-time highs in the past few sessions. However, traders should not rule out a pullback as the momentum indicators have been in their overbought zones for more than a week.
Should bullish pressures persist, bullion could initially claim 2,181, which is the 138.2% Fibonacci extension of the 2,079-1,810 downleg. Jumping above that region, the price may revisit its all-time high of 2,195. A violation of that zone could pave the way for the 150.0% Fibo of 2,213.
Alternatively, if gold experiences a mild correction, the 123.6% Fibo of 2,142 could act as the first line of defence. Further declines could then come to a halt at the previous resistance of 2,079, which held strong both in April and December 2023. Even lower, the 78.6% Fibo of 2,021 might provide downside protection.
In brief, gold has exploded in the short-term, surging to consecutive all-time highs amid heightened volatility. Nevertheless, there are emerging signs that the advance could be overdone as the short-term oscillators are deep in their overbought territories.
.jpg "Gold marches to consecutive all-time highs")
EBC Markets Briefing | Japanese stocks remain in the doldrums
Dollar fights an uphill battle amidst mounting tariff pressure
USDJPY bulls regain control ahead of FOMC minutes
ATFX Market Outlook 9th July 2025
EBC Markets Briefing | Gold languishes on US optimism
Gold Drops Below $3,300 as Fed Rate Forecasts Shift
Oil and Copper Surge as Geopolitical and Trade Risks Escalate | 9th July, 2025
