Gold Surges Past $4,600 to a New Record
At the begin of trading on Monday, 12 January, gold prices (XAU/USD) opened with a clear bullish gap and briefly climbed above the key $4,600 threshold, marking an all-time high.
Key factors behind the rally:
→ Escalating geopolitical risks. later than recent developments involving Venezuela, investor focus has shifted towards unrest in Iran, as well as renewed debate around Washington’s interest in Greenland, whether through acquisition or alternative means.
→ Heightened tension between the White House and the Federal Reserve. Over the weekend, Fed Chair Jerome Powell revealed that he had faced threats of legal action, potentially linked to his position on interest-rate cuts, which contrasts with the stance taken by President Trump.
XAU/USD Technical Outlook
One week earlier, on 5 January, our technical review of gold:
→ mapped out an upward price channel;
→ identified $4,400 as a critical level;
→ suggested that a rebound from the lower edge of the channel could rebegin the bullish trend, with $4,400 acting as a support zone.
This outlook has since been validated. As shown by the arrow:
→ prices first retreated from the channel’s midpoint;
→ but as the market approached $4,400, tradeing momentum fragileened, allowing purchaviewrs to regain control and drive gold to a fresh historic peak.
Currently, gold remains in the upper portion of the rising channel, pointing to sustained purchaseing pressure. The sharp advance viewn this morning has pushed momentum indicators, including the RSI, into overbought territory, raising the risk of a short-term pullback. Even so, any downside move is likely to be shallow, supported by:
→ the channel median and the $4,500–4,516 support area;
→ a persistently supportive and tense macro backdrop.
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