Gold prices have experienced a remarkable surge in 2024, marking the best annual performance since 2010. A breakout above key resistance levels could lead to record highs. Safe-haven demand, geopolitical tensions, and a strong US dollar are key factors influencing the gold market.
Gold prices surged in 2024, recording the best annual performance since 2010. A breakout above $2,720-$2,790 could propel gold to record highs. Geopolitical tensions and economic recovery are bolstering gold's upward trend. Prices continue to climb, building on a remarkable 27% gain in 2024. On the first trading day of 2025, gold prices increased for the fourth consecutive session, fueled by robust safe-haven demand.
Factors like geopolitical tensions, US economic data, and China's economic policies are influencing the gold market outlook. Technical analysis indicates gold is within a symmetrical triangle pattern, with the price rebounding from lower support, demonstrating bullish momentum. A breakout above the $2,720-$2,790 resistance zone could trigger a significant rally towards new record highs. Notably, gold prices closed higher on the first trading day of 2025 despite a strong US Dollar Index (DXY), which remains near its multi-year high of 109.56. This resilience highlights the continued demand for gold as a safe haven in a risk-averse market. Geopolitical tensions and a strong US dollar are key drivers influencing gold's price action
GOLD COMMODITY PRICE GEOPOLITICAL TENSIONS ECONOMIC RECOVERY
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