Gold continues its bullish momentum near record highs, with technical indicators suggesting further gains despite the RSI hovering in overbought territory. The metal remains well above key moving averages, with the 20-day SMA strengthening around $2,931, reinforcing the uptrend. On the 4-hour chart, short-term moving averages also show bullish signals, though momentum is slightly easing. While a corrective dip is possible, buyers are expected to step in on pullbacks. Support is seen at $3,010.40, $2,996.90, and $2,978.40, while resistance levels are at $3,040.00, $3,055.00, and $3,070.00. 

Fundamentally, gold’s surge is driven by geopolitical instability, with tensions escalating in the Middle East after Israel accused Hamas of violating a ceasefire, and U.S. airstrikes in Yemen responding to attacks on its vessels. 

Meanwhile, U.S.-Russia relations are in focus as President Trump plans to engage with President Putin on the Ukraine conflict. Trade war concerns continue to pressure the U.S. dollar, which has reached new lows against European currencies. Market attention now shifts to Wednesday’s Federal Reserve meeting, where the central bank is expected to maintain interest rates at 4.25%-4.50% amid economic uncertainty caused by trade policies. 

Additionally, the Fed will release its Summary of Economic Projections (SEP), offering insights into future interest rate decisions, with Jerome Powell’s press conference likely to influence market sentiment further.