Gold surged through round-figure barrier at $3100 and hit new record high on Monday, with growing economic and geopolitical uncertainty continuing to strongly boost safe haven demand.
US import tariffs which are due to start on Apr 2 and anticipated damage on global economy from escalation of trade war, as well as fragile geopolitical situation are expected to continue to fuel migration into safety.
The yellow metal’s price remains in a steep uptrend from $2000 zone and is on track for the biggest monthly gain in 14 years in March and also for the biggest quarterly advance in nearly four decades (over 18%).
Next targets lay at $3156, $3173 (Fibo projections) and $3200 (psychological).
Overbought daily studies suggest that bulls may take a breather with dips likely to be shallow on strong bullish sentiment.
Broken $3100 level reverted to initial support, followed by former top ($3057) and rising 10DMA (3045) guarding lower breakpoint at $3000.
Res: 3127; 3156; 3173; 3200.
Sup: 3010; 3057; 3045; 3017.
