Despite being far above its key support levels—pivot support at $3,177.23 and the 50-day MA at $3,015.58—the gold market is not showing typical signs of exhaustion. Instead of cooling, investors are using upside breakouts to add positions. While positioning may appear crowded, there is no technical reversal pattern yet to suggest a top.

Gold Prices Forecast: Bullish Bias Remains Intact

With the dollar under pressure, Fed credibility in question, and geopolitical risks escalating, the outlook for gold remains bullish. The next potential target for bulls sits around $3,500, according to UBS, and unless a confirmed reversal pattern emerges, traders are likely to continue buying dips. Dollar weakness remains the primary driver, and until that changes, gold’s rally shows no signs of topping out.

More Information in our Economic Calendar.