Gold hits new historical high, on track for firm break of $3000

Gold surged through $3000 level again and hit new record high on Tuesday.

Worsening geopolitical situation on renewed attacks on Gaza area, deepening political crisis between the US and European Union and growing concerns of the magnitude of negative impact of trade war on global economy, added to already fragile overall situation and prompted fresh migration into safety the yellow metal.

Bulls are on track for a firm break of $3000 milestone as favorable fundamentals mainly offset negative signals from broadly overbought technical studies.

Initial target lays at $3032 (Fibo 138.2% projection of the upleg from $2832), followed by $3050 (176.4%) and $3076 (Fibo 200% projection.

Broken $3000 level reverted to initial support followed by higher base at $2980.

Res: 3032; 3050; 3076; 3100
Sup: 3004; 3000; 2980; 2956