Gold explodes: Seven consecutive record highs before biggest daily correction since 2013
Gold has shattered resistance for seven straight days, surging nearly 6% in a week as dovish Fed expectations and US-China trade war risks fuel the historic rally. With support now established at the 23.6% Fibonacci Retracement level, the buy-on-pullbacks pattern remains intact – but this week's US CPI data and Treasury Secretary Bessent's meeting with Chinese Vice Premier He Lifeng could trigger sudden reversals.
In this technical breakdown, FXStreet's Dhwani Mehta analyzes the key support and resistance levels, identifies the critical event risks that could either extend this FOMO-driven rally or spark steep corrections, and reveals what bargain hunters are watching as Gold continues its unprecedented climb.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
