Gold hits a new all-time high, and we’ve adjusted our outlook to

Gold prices have surpassed the previous all-time high of $4382/ounce set in October, reaching a high of around $4410. Escalating geopolitical tensions and bets on further interest rate cuts by the Federal Reserve have propelled gold to its best annual performance in over four decades. Supported by increased central bank purchases and inflows into gold-backed exchange-traded funds (ETFs), gold prices have surged by approximately two-thirds.

European Session Gold Price Analysis!

Gold opened sharply higher and continued its upward trend without any pullback. The historical high of $4382 was easily broken, and after a slight consolidation, a new all-time high of around $4410 was reached. I suggested shorting around $4382-85 at the open, but unfortunately, the market didn’t pull back, resulting in losses for our short positions. Currently, the market continues its steady upward trend. Since the trend is upward, we can only adjust our strategy and follow the trend.

The market bulls are overwhelmed by the crowding buying, and no amount of selling pressure seems to be working. The 4382 level is a key support/resistance level for the European session; any pullback to this level will only present an opportunity to buy. Currently, if you don’t buy now, you’ll have no chance to enter the market. It’s better to trade with the trend and avoid losses than to go against it. Enter the market when the 4382 level presents an opportunity!

Gold: Buy around 4380-82, stop-loss at 68, target 4420-32!