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Gold (XAU/USD) rallies to new record high past $4,600 on Monday due to safe-haven flows courtesy of the US Department of Justice, which presented charges against the Federal Reserve Chair Jerome Powell over the building’s renovations. At the time of writing, XAU/USD trades at $4606, up more than 2%.
💡 DMK Insight
Gold’s surge past $4,600 isn’t just a number—it’s a signal of rising uncertainty. The recent charges against Fed Chair Jerome Powell have triggered a wave of safe-haven buying, pushing XAU/USD up over 2%. This rally reflects traders’ growing concerns about the stability of U.S. monetary policy and its implications for inflation. With gold breaking through this psychological barrier, it’s essential to watch for potential resistance levels around $4,650. If momentum continues, we could see a test of the $4,700 mark. On the flip side, if Powell’s situation resolves quickly, we might see profit-taking, which could pull gold back towards $4,500. Keep an eye on the broader market sentiment and any developments regarding the Fed’s response. Institutional players are likely to react strongly, and their movements could influence gold’s trajectory significantly. For now, the focus should be on how long this rally can sustain itself amid potential volatility.
📮 Takeaway
Watch for gold to test resistance at $4,650; a break could lead to $4,700, but monitor for profit-taking risks around $4,500.
