GOLD in Distribution – $3,000 is Within Grasp!OANDA:XAUUSD The price has broken upward and reached the intermediate target. After a strong rally, there are no signs of a pullback, indicating that the market remains robust. Currently, a consolidation phase is forming, reflecting stability at higher price levels.
Gold continues to break new all-time highs, reaching $2,990 and heading toward the crucial $3,000 milestone. Despite the strong rally, there is no sign of a retracement, as the market consolidates, suggesting that buyers still hold control. The upward momentum is driven by the trade war initiated by Trump and expectations of a Fed rate cut. Investors remain cautious ahead of the Fed meeting, while a stronger U.S. dollar and a potential ceasefire agreement between the U.S. and Canada could trigger a short-term correction. However, recession risks and escalating geopolitical tensions continue to fuel demand for safe-haven assets, supporting gold’s price growth.
From a technical perspective, the price is in a consolidation phase, which could lead to a breakout above resistance, continuing the bullish trend, or a false breakout followed by a correction toward the support zone at $2,980 – $2,977 before resuming the uptrend.
Key resistance levels: $2,993 – $3,000 – $3,008
Key support levels: $2,981 – $2,956
If buyers manage to hold above $2,993, gold is likely to extend its strong upward momentum. However, a potential correction toward the liquidity zone at $2,981 – $2,977 should be considered before gold continues its journey toward the $3,000 milestone.
