- Gold Price Forecast: New All-Time Highs as Bulls Take Control
Gold prices surged to a record-breaking high of $2,732 today, extending its rally from the key support level of $2,600. The breakout above the ascending channel that has been in place since June signals a bullish trend.
Technical indicators such as the RSI and stochastic oscillator are in overbought territory, confirming the upward momentum in the market.
If buying pressure continues, the next targets for gold could be $2,800 and $2,900.
However, a pullback below the previous peak of $2,688 may lead to a decline towards the 20-day SMA at $2,660, with further support at $2,600. A break below this level could open the path towards the 50-day SMA at $2,577 and the long-term uptrend line at $2,565.
To sum up, gold prices are on a strong uptrend, marking the fifth consecutive day of gains. A break below the ascending trend line could shift the outlook to neutral.