Gold Price Hits New All-Time High - Will the Uptrend Continue?
Gold hits a new all-time high near 2640, signaling continued strength in the short-term uptrend. A potential correction could begin if resistance holds. Explore key levels for long trades.
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1. Gold Reaches New All-Time High | Potential Correction Ahead
Gold continues to strengthen within the short-term uptrend, reaching a new all-time high near 2640 today. If this upward momentum holds and the price exceeds today's high, the next target is the Gold Zone between 2650 and 2675.
However, the price is currently showing signs of retreat below the Target Zone at 2629 – 2619. If this resistance holds, a downward correction could begin, with support expected at 2604 – 2585. Traders may want to consider long positions once this support is tested, targeting 2611 as the first level and aiming for a possible retest of 2640.
This period of fluctuation presents opportunities for both short- and long-term trades, depending on how the price action develops at these key levels.
SUMMARY -
Gold has reached a new all-time high near 2640, continuing its short-term uptrend. If prices exceed this high, the next target is 2650 – 2675. However, resistance at 2629 – 2619 suggests a potential downward correction, with support at 2604 – 2585. Traders should watch these levels closely for long trade opportunities with targets at 2611 and 2640.
