For gold bulls, current price action on the daily chart is nothing short of picture-perfect.
Blasting through multiple key levels throughout 2025, most significantly the $3,000 mark first achieved in early March, gold pricing currently trades in excess of $3,800 per troy ounce for the first time in history, growing ever closer to $4,000.
Having found a base of around $3,250, forming a slight upwards trending channel, price action in early September would break this period of consolidation and mark the start of the current rally, which, at least so far, shows little sign of exhaustion.
With that said, we are currently in ‘overbought’ territory according to the RSI and trade some distance from the trendline, suggesting that short-term retracements are possible if the uptrend wishes to continue.
As ever, data suggesting the Federal Reserve outlook is to become more dovish will likely support metal pricing further, with the opposite being true if the Fed is seen to become more hawkish ahead of their October decision.
In line with Fibonacci theory, here are some key levels to watch:
