Gold prices continued their upward trend, reaching a new all-time high near $2,730. The easing monetary policy environment, geopolitical tensions, and US political uncertainty have supported the yellow metal.

While the US Dollar has gained some ground, it has not significantly impacted gold prices. The Federal Reserve is still expected to cut interest rates, and recent economic data has supported a less aggressive easing path.

Key Factors:

• Monetary Policy: Easing monetary policies by central banks worldwide have supported gold prices.
• Geopolitical Tensions: Ongoing conflicts in the Middle East and US political uncertainty have increased demand for gold as a safe-haven asset.
• US Dollar: The US Dollar’s strength has not significantly affected gold prices, as the Federal Reserve is still expected to cut interest rates.

Technical Analysis:

• Gold prices have reached a new all-time high, indicating strong bullish momentum.
• The Relative Strength Index (RSI) is slightly overbought, suggesting a potential for a near-term pullback.
• Key support levels are at $2,700, $2,662-2,660, and $2,647-2,646.