Spot Gold Hits Record High Near $3245 - What is Next for Gold Prices?
Hitting over $3245 XAUUSD is a significant milestone!
Gold is typically viewed as a safe-haven investment during uncertain times, so it is no surprise that the ongoing US-China trade tensions are driving prices up. When markets become unstable, investors tend to gravitate toward gold to safeguard their wealth, especially during periods of high volatility like trade wars.
Over the past five trading sessions, gold prices have surged by approximately $290, climbing from a range of $2956 to $3245 per ounce.
This remarkable increase is primarily attributed to escalating US-China trade tensions, which have heightened demand for gold as a safe-haven asset.
Gold prices have been steadily climbing since mid-December 2024. During the early hours of the US trading session, the June gold futures contract hit approximately $3262.79 per ounce, while spot gold (XAUUSD) prices reached an all-time high of around $3245.36 per ounce.
Based on my trading strategy for Spot Gold (XAUUSD)
During the morning session in the US, Gold spot (XAUUSD) hit approximately $3245.36 range per ounce. This price could present a prime selling opportunity, as it aligns with common profit-taking patterns.
Traders might opt to lock in profits at this level, potentially triggering market corrections.
If spot gold (XAUUSD) prices begin to decline, they could move toward today’s low of around $3175.78 per ounce. A continued drop might see prices fall to yesterday’s low of approximately $3071.03. Should this support level fail to hold, gold could test its 20-day moving average near $3065.15. A further decline beyond that point may open up new selling opportunities, with prices potentially dipping to around $2956.60 per ounce, which corresponds to the weekly low from April 7.
Holding Period – Next 3-5 sessions
In conclusion
with Gold spot (XAUUSD) approaching record highs, this could be an opportune moment for profit-taking. Traders might look to sell to lock in gains, which could trigger a market correction. Nevertheless, it is important to closely monitor market developments to determine the optimal timing for these moves.
while gold prices have recently surged to record highs amid ongoing geopolitical tensions, especially the US-China trade conflict, there is potential for a pullback. Key support levels to watch include $3175.78, $3071.03, and the 20-day moving average around $3065.15. If these levels are breached, further downside could bring prices toward the weekly low of $2956.60. Traders should closely monitor price action for signs of either continued momentum or emerging selling opportunities.
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low 3193.66 xauusd today
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.