Gold prices decline after a record high

GOLD

Gold is moving in an upward trend on the medium-term, which opens the door for price increases and the formation of new peaks. However, if the support area of $3210 is broken to the downside, we may retest the $3160 area during today’s trading.

Gold prices experienced a slight decline today after reaching new record levels in previous sessions. The June gold futures contracts fell by 0.01%, reaching $3,244.2 per ounce, while spot prices dropped by 0.25% to $3,229.52 per ounce.

Despite this slight pullback, gold maintains a strong upward trend in the short term, supported by increased demand as a safe haven amid ongoing economic and geopolitical tensions.

From a technical perspective, gold is currently trading near the key resistance level of $3,236 per ounce. If this level is broken, it could open the door for further gains towards $3,300. However, if gold fails to break through this level, a correction toward $3,135 may occur.

On the other hand, Goldman Sachs raised its gold price forecast for the end of 2025 to $3,700 per ounce, citing continued uncertainty in the global economy and increasing demand for the yellow metal as a hedge against inflation and economic risks.

As a result, gold is expected to maintain its upward momentum, with key support and resistance levels closely monitored to determine future trends.

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