Gold Breaks Out: Is a New All-Time High on the Horizon?

Finally, after a week of range-bound trading and a false downside breakout, Gold has found direction and surged to the upside.

As expected, the inflation data served as the catalyst. With the reported figure coming in lower than anticipated, traders are now pricing in potential rate cuts.

Technically, as mentioned, the price broke above the 2930 resistance level and reached a high at 2947 just shy of the all-time high.

Currently, Gold is undergoing a normal correction, which should present traders with an opportunity to buy at lower levels. The ideal buy zone is between 2920 and 2930, with the bullish outlook negated if the price falls back into the previous range.

In terms of targets, the old ATH acts as resistance, but I wouldn’t be surprised if Gold pushes higher and sets a new record above the 2960 zone.

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