Gold Surges to Fresh All-Time High as Central Bank Moves Spark Rally

Year-to-date, gold is up 67%, underlining strong investor momentum.

SEATTLE (Scrap Monster): Last week marked a busy period for central banks, with the U.S. Federal Reserve cutting rates as expected, while the Bank of Canada, Reserve Bank of Australia, and Swiss National Bank kept policy unchanged.

Gold Confirms Bullish Technical Pattern

Gold has now confirmed a technical “triangle” continuation pattern, signaling a resumption of its core uptrend. The metal rose for a fifth consecutive week, with the LBMA Gold Price PM climbing 2.4% to close at a record US$4,347/oz. Year-to-date, gold is up 67%, underlining strong investor momentum.

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Key Drivers Supporting Gold Prices

·         Fed rate cuts and plans for balance sheet expansion

·         Rising ETF inflows and bullish positioning in futures and options

·         Persistent safe-haven demand, partly driven by AI bubble concerns

·         Elevated geopolitical risks, including tensions in Ukraine, the Middle East, and Southeast Asia

Outlook and Price Levels to Watch

A clear break above US$4,245/oz resistance confirms upside momentum, with next resistance at US$4,354/oz and US$4,382/oz. Support is seen at US$4,213/oz, followed by US$4,170/oz and US$4,143/oz if prices retreat.

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