Gold Breaks Above $3,300 for the First Time Ever

Just under a week ago, we reported on gold’s historic surge past the $3,200 mark. Now, according to the XAU/USD chart, the price of gold has risen even further, with an ounce now trading above $3,300 on global markets.

The rally has been fuelled by a weakening US dollar and escalating trade tensions between the US and China, which have reinforced gold’s status as a safe-haven asset. Reflecting the bullish trend, Goldman Sachs has revised its year-end 2025 price target upwards to $3,700.

That said, technical indicators are beginning to show early signs of a potential reversal.

XAU/USD Technical Outlook

Updated analysis of the hourly chart shows a newly defined upward channel capturing price action since 8 April. Initially, gold moved within a tight range, but after breaking the S-line, it found solid support at the lower boundary of the channel (marked by an arrow).

At the current stage, momentum appears to be weakening, as the price:

→ is struggling to reach the median line (indicated by a symbol);
→ has dipped below the lower edge of the channel.

With gold up more than 26% year-to-date, the market may now be in overbought territory. A short-term pullback could provide a healthy pause, with a potential retest of the $3,250 level on the cards.

Looking Ahead → Explore our in-depth article: Analytical Gold Price Predictions for 2025 and Beyond.

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