Gold’s Bullish March Near All-Time Highs

Technicals Remain Strong

Key levels to watch:

• Support: $3,340, $3,320, $3,305
  Resistance: $3,400–$3,410 & $3,450

Geopolitical Drivers & Fundamental Context

Middle East Turmoil

Escalating conflict between Israel and Iran, along with recent U.S. airstrikes targeting Tehran-linked facilities, continue to drive safe-haven demand for gold. 

Fed Policy Outlook

The Federal Reserve maintained interest rates in the 4.25%–4.50% range at its June meeting and signaled a slower rate-cut pace for the rest of the year, emphasizing inflation risks. Jerome Powell’s cautious tone—citing robust unemployment and persistent inflation—muted some of gold’s initial rally, as markets had hoped for a more aggressive dovish shift .

Additional Market Influences

A softer U.S. dollar, pressured by trade friction and global conflict, is helping gold remain elevated. Central bank demand continues to support bullion, amid post-pandemic reserve diversification.