Gold Price Forecast: Gold Goes for 2750 Break
Gold talking points:
- It was last October that gold tried to continue the breakout beyond the 2750 level, and despite a few daily closes above that price, that’s where buyers started to lose the handle.
- That then led to a strong retracement that ran for a couple of weeks through the Presidential election. But the response the mid-November low led to a higher-low in December and bulls have been pushing since the FOMC rate decision on the 18th of the month.
Gold gained a little more than 40% from the February low up to the October high. But it was around that October high that the tone of the trend began to change, and around the U.S. Presidential election, attention shifted over to Bitcoin again and gold then spent most of the next two-and-a-half months digesting that 2024 rally.
But it was a week ago, around the U.S. CPI print, that bulls left behind the symmetrical triangle and that push has only continued since.
Today’s price action sees gold re-testing the 2750 psychological level, which was where bulls finally started to lose control of the trend last year.
Gold Weekly Price Chart
The rally over the past month has been particularly strong, with a swing-low showing on the day of the FOMC rate decision last month, followed by the final test of 2600 on December 30th.
Since then, bulls have driven a sharper and sharper topside move and the challenge now would be trying to avoid chasing price after a near-parabolic-like run over the past few trading days.
Gold Daily Chart
Chart prepared by James Stanley; data derived from Tradingview
Gold Shorter-Term
Given the continued stretch of higher-highs and lows, there’s a few different levels of note for higher-low support potential. Both 2721 and 2731 are of interest and that latter level is confluent with a bullish trendline around tomorrow afternoon, as projected from the four-hour chart below.
But – even if those can’t hold, there would still be a remaining bullish case on a deeper pullback to 2700 as that would still be above the 2688 swing-low from the Sunday open.
Gold Four-Hour Price Chart
--- written by James Stanley, Senior Strategist
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.
City Index is a trading name of StoneX Financial Pty Ltd.
The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.
While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.
StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.
It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.
StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.
© City Index 2025