Saad Ullah
Gold doesn't mess around when it's on a tear. The precious metal just smashed through $3,700 per ounce for the first time ever before pulling back to $3,684, marking another chapter in what's been an absolutely stellar year for XAU.
What's Driving This Gold Rush
This isn't just another price bump - it's gold doing what it does best when the world gets messy, and according to Moby Media, we're witnessing history in the making.
The perfect storm is pushing gold higher, and it's not hard to see why. Geopolitical chaos has everyone scrambling for safety, and gold remains the go-to choice when things get dicey. Add in expectations that the Fed might start cutting rates soon, which typically weakens the dollar and makes gold more attractive, and you've got serious momentum building. Central banks aren't sitting on the sidelines either - they've been gobbling up gold reserves like there's no tomorrow, adding institutional fuel to the fire.
Technical Picture Shows More Room to Run
The charts tell an interesting story. Gold spiked above $3,700 in a dramatic move before settling back, showing the kind of intraday volatility that comes with breakout moves. The immediate support level sits around $3,680, which should hold if the bulls stay in control. But here's the kicker - if this momentum keeps rolling, traders are already eyeing the $3,750 to $3,800 zone as the next major target. Those psychological round numbers always act like magnets in strong trends.
Saad Ullah
