Gold spent much of last week in correction mode after forming a double top near $4,059. The subsequent decline took the price below its 100-hour moving average (blue line in the chart) and under the 38.2% retracement of the prior uptrend from the October 2 low, which comes in at $3,967.54. However, sellers were unable to extend momentum through the 50% retracement at $3,939.20, with the market finding support just above that level at $3,943 before rotating higher starting on Thursday.
The rebound initially stalled near last week’s highs at $4,059.31, but buyers ultimately broke through that ceiling earlier today, propelling gold into new record territory. The rally has now carried the price to the $4,100 mark for the first time ever, underscoring the strength of bullish momentum.
For the year, gold is now up an impressive 56.23%, after ending last year at $2,624.60 — a remarkable run that continues to highlight its dominance as one of 2025’s top-performing assets.
Gold is back on fire after cooling off at the end of last week’s trading.
