March 17, 2025 - XAUUSD: Continuous Price Surge!

Investor confidence in gold paid off last week as gold prices finally broke past the $3,000/ounce mark, marking a strong rally for the precious metal. The latest weekly gold survey by Kitco News shows that optimism remains strong among experts and retail traders. Despite gold reaching unprecedented levels, the majority of analysts predict that prices will continue to rise this week. Central banks are expected to continue buying gold, which will be a key factor pushing prices beyond the $3,000/ounce threshold.

Technical Analysis:

On the 1-hour chart, after briefly surpassing the key $3,000 price level, gold saw a slight correction. However, the overall bullish structure remains intact, with significant upside potential still ahead. The nearest support lies at the 1.618% Fibonacci extension level, and the existing bullish channel remains unbroken without any significant reversal signals. As long as buyers defend key support levels within the channel, the medium-term outlook remains bullish, with the next short-term target at $3,000, and beyond that, the 1.618% Fibonacci extension level at $3,026.

Cre: Trader_VictorInvest

Trans: InfoFinance