Gold price nears all-time high at $2,943 ahead of FOMC minutes
On Tuesday, the metal gained 1.26%, reaching $2,940
Gold price is on track for its eighth consecutive bullish week in 2025, edging closer to a new all-time high. After rebounding from the 50-day EMA support at $2,877 per ounce, gold climbed 2% this week, extending its strong upward momentum.
On Tuesday, the metal gained 1.26%, reaching $2,940 just shy of last week’s record high of $2,943. With bullish momentum intact, traders are watching whether gold will break through this level, potentially opening the door to $3,000 per ounce.
As of Wednesday’s European session, gold is trading at $2,934, testing the $2,943 resistance for the third time this month. RSI on the 4-hour chart remains in bullish territory and is yet to enter overbought conditions, suggesting that further upside remains possible.
Gold price outlook: Traders await FOMC minutes for rate cut signals
Market participants are closely watching the release of the Federal Open Market Committee (FOMC) meeting minutes, which could offer insights into the Federal Reserve’s rate-cut trajectory. Current market sentiment leans toward further rate cuts, which keeps the U.S. dollar subdued and supports gold’s appeal as a non-yielding asset. The lack of meaningful selling pressure further suggests that gold’s path of least resistance remains to the upside.
Gold price dynamics (January 2025-February 2025). Source: TradingView.
A decisive break above $2,943 would confirm a new record high and could accelerate gold’s rally toward the psychological level of $3,000. However, if gold fails to sustain gains above this level, short-term consolidation between $2,900 and $2,940 may follow before another breakout attempt.
In the coming sessions, gold’s movement will hinge on how the market interprets the FOMC minutes and any shifts in interest rate expectations. Should dovish signals emerge, the metal may find the catalyst needed to push beyond its all-time high.
Gold is up 1.2% this week amid rising U.S. Treasury yields and a recovering U.S. dollar. The price is moving within an ascending triangle, with support at $2,880 and resistance 1% below its peak.
