Gold prices have experienced volatile swings in early Thursday trading, with a sharp sell-off at one point. However, buyers quickly stepped in, reinforcing the market’s strong uptrend. Given gold’s impressive performance over the past few months and its recent breakout above a key bullish flag pattern, the metal appears poised for further gains, potentially targeting $3,300.
Short-term pullbacks continue to attract buyers, presenting opportunities for both short-term traders and long-term investors looking to add to their positions. Key support remains at $3,000, with the $2,900 level also acting as a strong floor, especially as the 50-day EMA trends upward toward that area.
Gold’s Bullish Momentum Backed by Fundamentals
A weakening US dollar, ongoing geopolitical uncertainties, and expectations of looser global monetary policy are all aligning in favour of higher gold prices. With central banks likely to ease policy further, gold is positioning itself ahead of the curve, reinforcing its role as a preferred hedge in the current market environment.
