Gold climbs to new record high $3,318 as tariff war escalates – Is a peak nearby?

Tariff war escalations drive safe haven demand for Gold.
Gold climbs to new record high $3318.
Bulls eye for $3350 and beyond.
Support seen at $3288-$3265.

Sunil Kumar Dixit SK Charting

Gold continues to attract buyers as tariff war escalations drive safe haven demand for the precious metal triggering strong bullish rally to set a new racord high at $3318

Immediate support sits at 43288 below which next support is seen located at $3380-$3365 while $3245 is horizontal demand area which has witnessed post consolidation breakout in Gold prices.

Bulls need to clear through $3318 in order to extend momentum towards next upside targets $3333 followed by $3350

Note: RSI on Monthly time frame reads 85 which urges caution on heights as these unprecedented heights can witness strong profit booking and downward shift in momentum in the event of any positive developement on the tariff front which has infused risk premium in Gold prices.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

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