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Gold Breaks Previous Highs—Is $3,200 The Next Target?

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Aayush Jindal

Key Highlights

  • Gold started a fresh surge and traded to a new record high above $3,130.
  • It broke a major contracting triangle with resistance at $3,025 on the 4-hour chart.
  • Bitcoin is still struggling to start a fresh increase above the $85,000 resistance zone.
  • EUR/USD is eyeing more gains above the 1.0850 resistance zone.

Gold Price Technical Analysis

Gold prices started a fresh rally above the $3,000 resistance. The bulls pumped the price above the $3,100 level and the price traded to a new record high.

The 4-hour chart of XAU/USD indicates that the price broke a major contracting triangle with resistance at $3,025 to restart its surge. There was a close above the $3,100 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours).

The bulls even pumped the price above the $3,135 level. The current price action suggests a high chance of more gains above the $3,125 level. On the upside, immediate resistance is near the $3,142 level. The next major resistance sits near the $3,150 level.

A clear move above the $3,150 resistance could open the doors for more upsides. The next major resistance could be $3,080, above which the price could rally toward the milestone level of $3,200.

On the downside, initial support is near the $3,100 level. The first key support is near $3,075. The next major support is near the $3,060 level.

The main support is now $3,045. A downside break below the $3,045 support might call for more downsides. The next major support is near the $3,020 level.

Looking at Bitcoin, the price failed to gain bullish momentum above $85,000 and is now at risk of more losses below $80,000.

Economic Releases to Watch Today

  • Euro Zone Manufacturing PMI March 2025 – Forecast 48.7, versus 48.7 previous.
  • US Manufacturing PMI for March 2025 – Forecast 49.8, versus 49.8 previous.
  • US ISM Manufacturing Index for March 2025 – Forecast 49.5, versus 50.3 previous.
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