Gold Analysis 07/01: Headed To Break Record Highs (Chart)

(MENAFN- Daily Forex) Today's Gold Analysis Overview:

• The overall Gold Trend: Strongly bullish.
• Today's Gold Support Points: $4445 – $4380 – $4290 per ounce.
• Today's Gold Resistance Points: $4530 – $4570 – $4620 per ounce.

Today's Gold Trading Signals:

• Sell gold from the resistance level of $4520 with a target of $4300 and a stop-loss at $4560.
• Buy gold from the support level of $4370 with a target of $4570 and a stop-loss at $4320.

Technical Analysis of Gold Price (XAU/USD) Today:

For the second consecutive day, gold bulls are driving prices toward the $4,500 resistance level. This paves the way for the gold index to head toward new historic record peaks, surpassing the all-time high of $4,550. Before the start of this week's trading, I indicated that gold prices-which closed last week stabilized around $4,331 per ounce-were poised for a new price jump. This is driven by increasing geopolitical tensions, particularly in Venezuela during the market holiday, as gold remains the traditional safe haven and preferred choice for investors during times of uncertainty.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Will gold prices rise in the coming days?

The answer is yes. According to gold analyst forecasts, investors may ignore the fact that technical indicators are approaching strong overbought levels, focusing instead on the factors driving gold's upward trajectory. The 14-day Relative Strength Index (RSI) on the daily chart is reading around 66, nearing the overbought line of 70. Similarly, the MACD indicator remains stable. A breakout above the $4,500 and $4,550 resistance levels is highly likely. Breaking the latter would quickly clear the path toward the $5,000 per ounce peak. This may be punctuated by occasional profit-taking selloffs to form new buying positions.

According to gold trading platforms, since the beginning of 2026, the price of gold has risen by $156.60, or 3.62%. Overall, as investors continue to flock to safe-haven assets, President Donald Trump's recent isolation of his Venezuelan counterpart, Nicolás Maduro, has added new risks to the financial markets. These risks are likely to persist, suggesting further gains for metals, led by gold.

Amid the flurry of events, Trump's pledge to“manage” Venezuela, which holds the world's largest proven oil reserves, exacerbated energy market volatility over the weekend and raised the prospect of further US interventions in other parts of the world. Trump also told Fox News on Saturday that“American dominance in the Western Hemisphere will never be challenged again,” adding that“action must be taken on Mexico.” The Trump administration has also made statements regarding Cuba.

EURUSD Chart by TradingView

Generally, gold trading in 2026 follows its strongest annual performance since 1979. However, in the near term, gold prices may face pressure from commodity index rebalancing, which could prompt passive investment funds to trim their positions after last year's record rise. According to commodity market experts, trading gold and silver is no longer viewed merely as a hedge against inflation; they have transformed into pivotal assets in the global economy. Gold is now seen as a major monetary asset and an alternative to the U.S. Dollar, while silver is considered a core component in the evolution of the global economy Tips:

Traders advise continuing to invest in gold and buying on every significant price dip. It is worth noting that precious metals prices saw a record rise in 2025, with gold increasing by 65% and silver by more than 140%. While this year may not achieve the same magnitude of gains, the geopolitical climate currently appears favorable for the continuation of this rally.

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