Gold pushing $3400 and new highs for the month | Forexlive

Gold is climbing and nearing the $3400 mark. With last week’s high reaching $3403.44 that target is being approached. The current price is trading at $3,388 up $30.07 or 0.9% on the day. The high-priced reached $3,398.98 so far

The peak for the year remains April’s high at $3500. Rising geopolitical tensions surrounding Iran are fueling safe-haven demand, prompting increased flows into the precious metal. Additionally, a weakening US dollar is acting as a supportive tailwind for gold prices.

A break above $3403.44 would open the door for a test of the May high at $3437. On the daily chart, the corrective pullback during May found support near the 38.2% retracement level of the rally from the November 2024 low—an encouraging technical sign for the bulls.

Although the highs from May and June have not yet been breached, buyers continue to hold the upper hand, maintaining control of the broader bullish trend.