Gold futures (GC=F) opened higher on Thursday at $3,452.60 per ounce, up 1.4% from Wednesday’s close of $3,404.60. This marks the first time gold has traded above $3,400 since early August, signalling renewed momentum in the precious metals market.
The move comes after Nvidia’s (NVDA) earnings report on Wednesday evening. While the chipmaker topped forecasts on sales and profits, revenue from its all-important data centre segment – which includes AI-related demand – fell short of expectations. Given Nvidia’s outsized role in powering S&P 500 growth this year, the softer data centre results raised questions about the sustainability of AI-driven momentum.
Despite this, S&P 500 futures (ES=F) remained steady, suggesting investors are shifting their focus to upcoming economic data, including weekly jobless claims and inflation figures. In contrast, gold is seeing safe-haven flows, with traders looking to position ahead of potentially market-moving reports.
Technically, gold remains in a summer-long ascending triangle, a pattern that has consistently attracted buyers on dips. The 50-day EMA has acted as a key dynamic support line, reinforcing bullish sentiment on every pullback.
Market watchers are eyeing the $3,500 resistance level as the next critical hurdle. A decisive close above this mark could trigger a breakout, with a projected upside target near $3,800 per ounce, based on the measured move from the current formation.
While thin trading volumes at the tail end of the holiday season may exaggerate price moves, the broader picture remains unchanged: gold continues to attract buyers on every dip, highlighting ongoing demand for safe-haven assets amid economic uncertainty.
