Gold Breaks Triangle and Hits All-Time High: Watch $3,470 Next

Last week, Gold broke out of a symmetrical triangle that’s been consolidating for ~87 days (nearly 3 months), and has formed a new all-time high at $3,546.92. 

This new ATH is special; because we could potentially see a retracement from here. Not only is the RSI (relative strength index) overheated to the buy-side, we have a 1.618 Fib Extension level at $3,542.71.

Immediate support would be the market gap formed at the weekly open, between $3,454 to $3,470.

Of course, Gold can continue its run higher, with the triangle’s breakout target at $3,750; so this is by no means a call for traders to run shorts. With tariffs being ruled illegal by the federal courts, and UK yields surging, we’re in somewhat of a peculiar state in the markets — which drives more demand into safe havens like Gold.

Tariff Being Ruled Illegal by Federal Courts Effect:

• Creates legal uncertainty, leaving tariffs technically in force until higher courts decide.
• Adds confusion for corporations on planning imports and supply chains.
• Inflationary pressures may linger, weighing on Fed rate-cut expectations.
• Could boost safe-haven demand for Gold as traders hedge policy risk.

UK Yields Surging News Effect:

• 30-year gilt yields at multi-decade highs tighten financial conditions.
• Higher borrowing costs pressure equity valuations, especially in Europe.
• Pushes capital rotation into commodities and safe havens like Gold.
• Reinforces the global “higher for longer” narrative, keeping bullion attractive.

You may also be interested in:

Volatility Warning: Tariffs Ruled Illegal by Federal Courts

DISCLAIMER: For educational purposes only. Trading comes with substantial risk, leading to possible loss of your capital. Traders are advised to do their own due diligence before investing.