Gold is still on fire. As of this week, it’s inching closer to the $3,500 mark, showing no signs of slowing down. Despite some investors thinking the rally might cool off, the momentum seems firmly in the hands of the bulls. Some are even eyeing a push toward $3,800.
So, what’s driving this gold rush?
Two key economic updates are on the horizon this week in the U.S.:
- Flash PMI data on April 24 (giving insight into business health)
- Jobless claims on April 25 (showing the state of the labor market)
Both reports could impact gold prices. If the data shows economic weakness, investors tend to flock to gold for safety. On the flip side, if the numbers are strong, the dollar could rise, which might cool gold’s momentum—at least temporarily.
Currently, gold is trading around $3,390, rebounding from last week’s brief dip and heading back toward the psychological level of $3,400. The $3,508 level is the next major technical target, based on Fibonacci analysis—a popular tool used by traders.
Where Are the Key Levels?
- Buy Zones (Support):
- $3,266–$3,228: A strong zone for potential buys.
- $3,166–$3,121: Deeper support if prices correct further.
- Sell Zones (Resistance):
- $3,508 and higher: Price discovery territory—selling is risky here.
At this point, sellers are mostly on the sidelines. Gold is in uncharted territory, and trying to short it could be dangerous. For those still looking to jump in, waiting for a dip toward key support levels could be a smart move.
With upcoming U.S. data likely to shake things up, gold could see another wave of volatility. But for now, the trend is clear: buyers are in charge.
