Chartbook: US Chart Gold (XAU): Still room to fresh record highs

Sharp gains from the 2600 level at the start of the year has seen break above the October 2024 year high at 2790 to reach fresh record high at the 3000 level. 

Deep overbought daily and weekly studies suggest initial break may struggle to sustain gains above the 3000 level. However, the bullish momentum see consolidation here giving way to eventual break higher to target the 3035 Fibonacci extension. Further gains beyond this, if seen, will see room to further extend the underlying bull trend to target 3160, Fibonacci extension. 

Meanwhile, support is raised to the 2832/2800 congestion area which is expected to underpin and limit corrective pullback. Break here, if seen, will open up room for deeper correction back to the 2600/2536 congestion and the 2024 Q4 low.