Just four days ago, we reported on the record breakout above the $4,400 level. The bullish gold market is now providing a new reason for analysis. As the XAU/USD chart shows, the gold price has risen above $4,530 today, marking a new all-time high.
The fundamental backdrop supporting demand for the metal is driven by expectations of monetary policy easing by the Federal Reserve in 2026, a weaker US dollar, and rising geopolitical tensions.
Technical analysis of the XAU/USD chart
The previously established ascending channel has changed in width but has maintained its angle of inclination. In this context:
→ the upper boundary is acting as resistance;
→ the channel median is providing market support.
Note that:
→ following the breakout above the $4,350 level (as indicated by the arrow), the price advanced steadily towards $4,400;
→ however, in recent days the RSI indicator has been forming bearish divergences, suggesting that bullish momentum may be losing strength.
Under these conditions, the market appears vulnerable to the formation of a corrective pullback.
Indeed, after an approximate 70% rally since the beginning of the year, profit-taking from long positions looks increasingly attractive. Nevertheless, given the holiday period, we may see gold price fluctuations simply fade near the newly reached record, with market activity resuming in the new year.
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