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XAU/USD outlook: Gold hits new record high above $2,900

XAU/USD

Gold was top performer during early Monday trading after new tariff threats from President Trump fueled fears about global trade war and sparked fresh safe haven demand.

Bulls cracked psychological $2900 barrier and hit new record high, in 1.5% advance during Asian / early European trading.

Technical picture remains firmly bullish, although overbought conditions on daily chart warn that the price action may slow for consolidation.

Dips are likely to be shallow, as bullish sentiment remains strong.

Sustained break above $2900 to generate fresh signal and expose targets at $2946 and $2983 (Fibo projections), en route towards key barrier at $3000 (psychological).

Res: 2916; 2946; 2983; 3000.
Sup: 2886; 2865; 2850; 2825.

Interested in XAU/USD technicals? Check out the key levels

1. R3 2915.09
2. R2 2900.99
3. R1 2880.86
PP 2866.76
1. S1 2846.63
2. S2 2832.53
3. S3 2812.4

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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