Will Gold Break Its All-Time High in 2025? Momentum Builds Ahead of Key Level
Gold has been back on its horses towards the second part of the month after retracing 10.8% from it’s April highs.
Safe-Haven assets are bid today as President Trump reignites tariff discussions.
Trading at $3,346, the precious metal is less than $155 (3.80%) from its all-time highs.
Technical Analysis update for the Bullion.
XAU/USD Technical Analysis
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XAU/USD (Gold) 4H Chart, May 23, 2025. Source: TradingView
Gold has rebounded strongly from it’s monthly lows, marked at $3,120, trading $200 dollars higher in the past week.
The precious metal found some relief from last week’s pullback, as easing tariff concerns shifted market focus toward the recent U.S. credit downgrade, triggering a fresh wave of buying interest.
XAU/USD is now at the highs of its Daily Descending Channel, though the MA 20 and 200 are not far below and acting as immediate support.
The end of session will be key to spot if the appetite for Safe-Haven assets is strong going into the week-end. Potential triggers are explained in Wednesday’s gold update.
The RSI is close to overbought with a 4H bearish divergence, which has yet to be confirmed.
Technical Levels
We are eyeing at immediate resistance with prices approaching the highs of the Daily Channel.
A rejection of today’s highs near the $3,350 psychological level may hint at a return towards the lows of the channel, though key Moving Averages will first have to be broken.
A return to the lows of the channel will be aiming at the $3,100 level.
- Support 1 : 3,270 – 3,290
- Support 2: 3,200 – 3,225
- Support 3: 3,100 Channel Lows
- Support 4: 3,052
- Resistance 1: 3,414 – 3,436
- Resistance 2: $3,500.20 Recent All-time Highs
- Resistance 3: 3,550 Psychological Level
- Resistance 4: 3,598 – 3,600
Trader's Positioning
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OANDA’s Trader and Position Book, May 23. Source: OANDA Labs
Trader’s positioning is key to see if an extreme is attained, where one may expect reversals
Traders are about 70% Long vs 30% Short, which may indicate more downside for the precious metal – although, positioning is not at extremes.
Stay in touch with the latest news on our MarketPulse Blog as more volatility can be expected throughout the weekend.
Safe Trades!
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