Gold continues to attract strong interest as bullish momentum builds, supported by both technical and fundamental factors. The metal has recovered sharply from its April lows, carving out a clear uptrend that suggests growing investor confidence. Price structure, momentum indicators, and key moving averages all align with a constructive outlook, while broader market sentiment remains tilted toward safe-haven assets. With gold holding above key support zones, traders are closely monitoring the price action for confirmation of the next directional move.
Overview
Gold continues to attract strong interest as bullish momentum builds, supported by both technical and fundamental factors. The metal has recovered sharply from its April lows, carving out a clear uptrend that suggests growing investor confidence. Price structure, momentum indicators, and key moving averages all align with a constructive outlook, while broader market sentiment remains tilted toward safe-haven assets. With gold holding above key support zones, traders are closely monitoring the price action for confirmation of the next directional move.
Key Economic Events
Tuesday 09:30 am (GMT+3) – Switzerland: CPI m/m (CHF)
Tuesday 17:00 (GMT+3) – USA: JOLTS Job Openings (USD)
Wednesday 04:30 am (GMT+3) – Australia: GDP q/q (AUD)
Wednesday 15:15 (GMT+3) – USA: ADP Nonfarm Employment Change (USD)
Wednesday 16:45 (GMT+3) – Canada: Overnight Rate (CAD)
Wednesday 17:30 (GMT+3) – USA: ISM Services PMI (USD)
Thursday 15:15 (GMT+3) – Europe: Main Refinancing Rate (EUR)
Thursday 15:30 (GMT+3) USA: Unemployment Claims (USD)
Friday 15:30 (GMT+3) – Canada: Employment Change (CAD)
Friday 15:30 (GMT+3) – USD: Nonfarm Employment Change (USD)
Technical Analysis
Gold has staged an impressive rebound from the April 7 low of $2,956.56 per troy ounce, registering a gain of over 14% from trough to peak and forming a clear sequence of higher highs and higher lows—indicative of a potential bullish trend reversal. The brief pullback below the 20-period Exponential Moving Average (EMA) at $3,201.87 was met with renewed buying interest, reinforcing underlying demand and triggering a sharp rebound.
From a technical perspective, the setup remains constructive. Prices are now holding above both the 20- and 50-period EMAs, a configuration often associated with increasing bullish conviction and momentum continuity. Supporting this view, the Momentum Oscillator remains firmly above the 100 threshold, signaling robust buying pressure, while the Relative Strength Index (RSI) remains comfortably above 50, underscoring ongoing strength in market sentiment.
That said, the $3,245.50 level stands out as a key support zone. A sustained break below this area could prompt a reassessment of the short-term bullish outlook and potentially initiate a deeper correction. Price action around this level will be critical in gauging the durability of the current upward move.
Potential Upside Targets
Should the bulls maintain market control, traders may direct their attention toward the four potential resistance levels below:
3499.96: The initial resistance is 3499.96, which represents the all-time high marked on April 22.
3560.79: The second price target is identified at 3560.79, corresponding to the 261.8% Fibonacci Extension drawn from 3565.93 to 3245.50.
3681.22: The third target is established at 3681.22.
3755.24: An additional price target is estimated at 3755.24, corresponding to the 423.6% Fibonacci Extension drawn from 3565.93 to 3245.50.
Potential Downside Targets
Should the sellers take market control, traders may consider the four potential support levels listed below:
3297.24: The first level of support is determined at 3297.24, representing the weekly Pivot Point, PP, estimated using the standard methodology.
3245.50: The second support level is identified at 3245.50, reflecting the swing low from May 29.
3120.70: The third support level is seen at 3120.70, which mirrors the low point marked May 15.
2956.56: An additional downward target is observed at 2956.56, corresponding to the trough formed on April 7.
Fundamentals
Gold surged as escalating geopolitical risks and renewed trade tensions drove investors toward safe-haven assets. Prices rose as much as 2.33% yesterday, with spot gold trading at $3,392.11 an ounce, following failed peace talks between Russia and Ukraine and intensified military activity.
Safe-haven demand was further fueled by renewed U.S.-China trade tensions and a weak U.S. manufacturing report. Year-to-date, gold has gained nearly 28%, briefly topping $3,499.96 an ounce in April. Silver also rallied sharply, marking its biggest jump since October, while platinum and palladium followed suit. Markets now turn their focus to upcoming U.S. labor data for clues on Fed policy.
Conclusion
Gold remains firmly supported by a combination of technical strength and safe-haven demand, with its bullish structure intact above key support levels. While geopolitical uncertainty and trade tensions continue to drive investor interest, upcoming high-impact economic events—particularly central bank decisions and U.S. labor data—will be pivotal in shaping the next leg of price action. Traders should remain attentive to shifts in momentum and policy expectations, as these will likely determine whether gold extends its rally or enters a consolidation phase.