Gold has officially broken through the $3,000 mark, and if past price action is any indication, this move may not be over yet. While it seems like a major milestone, gold has been steadily grinding higher for months.
With inflation still lingering, central banks continuing to buy, and investors searching for safety, the question now is how much higher gold can go.
A Technical Breakout With More Room to Run
Gold’s rally isn’t just a short-term surge — it’s a technical breakout with strong momentum behind it. After spending most of last year consolidating in the $2,000–$2,100 range, the move above $2,500 signaled the start of a larger upside move.
Now that gold has decisively broken $3,000, the next major resistance zone is in the $3,100–$3,200 range.
If buyers remain in control, gold could push toward $3,400 or even $3,500 before seeing any meaningful pullback. Historically, when gold breaks through a key psychological level, it tends to overshoot before consolidating.
However, if we see a short-term retracement, a move back toward $2,800–$2,900 wouldn’t be unusual before another leg higher.
Why Gold’s Rally Has More Fuel
Several factors continue to support higher gold prices. Inflation may not be grabbing headlines the way it did two years ago, but it’s still eroding purchasing power.
The Federal Reserve may be done raising interest rates, but the market remains uncertain about when and how quickly cuts will come. That keeps investors on edge and looking for hedges.
On top of that, central banks have been aggressively buying gold, particularly in countries looking to reduce reliance on the U.S. dollar. That demand has provided steady support for prices.
Meanwhile, with stocks facing volatility and bonds offering little upside, gold has become an attractive place for investors looking to protect their capital.
Gold’s move past $3,000 is significant, but the bigger story is whether it can sustain these gains and push even higher. If the momentum continues, this could be just the beginning of an even bigger rally.
Jeffry Turnmire
Jeffry Turnmire Trading
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