Gold price on track for 4th consecutive up-close day near its all-time high
The $2,725 level remains crucial as a key support
Gold continues to perform strongly in January 2025, currently trading at $2,753 per ounce during the European session.
After three consecutive up-close days, the precious metal has gained 4.8% so far this month, inching closer to its all-time high of $2,790. The momentum is solid, and gold is now on track to record a fourth consecutive up-close day, reflecting a robust start to the year.
The upward trend this month highlights a clear bullish bias in the market, with the Relative Strength Index (RSI) staying firmly in bullish territory but not yet overbought. This suggests there may still be room for further gains, as momentum remains strong without signals of overheating.
Gold price dynamics (October 2024-January 2025). Source: TradingView.
As gold approaches the $2,790 level, it is poised to reach a new all-time high. For the near term, the $2,725 level remains crucial as a key support. Should gold experience a pullback, this level is likely to hold as a strong base, potentially setting up another rally if it holds firm.
Gold price outlook: Market focus on unemployment data and Trump speech
As for external factors, upcoming U.S. economic data, including unemployment claims, could influence market sentiment. Additionally, President Trump's speech at the World Economic Forum may bring new developments that could either support or hinder risk appetite, potentially impacting gold’s direction.
Looking ahead, gold’s outlook remains positive, with further gains possible if it can break past the $2,790 mark. Support at $2,725 will be key in the short term, and investors should watch for today's external factors that could affect the precious metal’s performance.
Gold prices rose to $2,758 driven by expectations of monetary easing by the Federal Reserve. The metal softened to $2,750 during European hours, reflecting a slight pullback after its rally.
