Gold price hits all-time highs
The spot gold price is on track for its third consecutive day of gains and has reached a record high of $2,482 per troy ounce, signaling potential for the price to hit the $2,500 mark. This surge in gold prices can be attributed to various factors including economic uncertainty, geopolitical tensions, and a weaker US dollar.
Potential resistance at $2,500 mark
Since $2,500 is a significant psychological level, the gold price may face resistance as it approaches this mark. Traders will closely monitor the price action around this level to determine the next potential move for gold.
Key support levels
In case of a pullback, investors can look for support levels at the previous May record high of $2,450 and the April high of $2,431. These levels may act as key support zones for the gold price in the short term.
Overall, the current bullish momentum in the gold market suggests that investors are turning to safe-haven assets amid market uncertainties. The record high prices indicate a strong demand for gold, highlighting its status as a reliable store of value in turbulent times.
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