Gold cracks $4,500, eyes further upside as fresh geopolitical turmoil fuels demand

Gold price eased in early Wednesday trading, on partial profit-taking, after three-day advance cracked psychological $4500.

Bounce from $4300 zone, where pullback from new record high ($4550) has been contained, closed above Fibo 76.4% of $4550/$4274 bear-leg on Tuesday, generating strong signal that corrective phase is likely over.

Renewed safe-haven demand on the latest shockwaves that Trump’s attacks on Venezuela sent through markets, lifted metal’s price, with the latest very hawkish comments from administration about further action, particularly in Greenland and some South American states, raised uncertainty and fear that is likely going to further fuel migration into safety.

Technically, gold remains in strong uptrend (since late 2022) which accelerated and steepened in 2025 (gold was up 66% last year) and still shows no significant signs of fatigue, as key price drivers continue to underpin the action and offset signals from strongly overbought monthly studies.

In the near-term, correction from $4500 is likely to be mild and provide space for consolidation and better buying levels, before bulls regain full control.

Solid supports at $4422/00 (10DMA / psychological) to ideally contain dips and keep fresh bulls intact.

Sustained break of 4500 to expose key barrier at $4550 (new record high) violation of which to generate initial signal of bullish continuation and expose projected targets at $4615 (Fibo 123.6%); $4656 (138.2%) and $4721 (161.8%) but would also unmask a magic $5000 barrier (scenario that I predicted a couple of months ago).

Res: 4500; 4550; 4615; 4656
Sup: 4422; 4400; 4381; 4300