Gold has rebounded strongly since its Q4 decline, with prices now approaching the key $2,750 level. This psychological threshold, which challenged bullish momentum last October, is once again in focus as traders anticipate its next moves.

The Path to $2,750

Gold briefly surpassed $2,750 last October but struggled to hold the level. After a sharp retracement during the U.S. Presidential election, the metal found support in mid-November and formed a higher low in December. The Federal Reserve’s December 18 interest rate decision reignited the rally, driving renewed bullish momentum.

Traders and analysts are closely watching gold’s moves, as the $2,750 level could signal a breakout or resistance. For more analysis, exclusive 2025 gold trading resources are available to deepen market understanding.

A Volatile Year for Gold

Gold had a remarkable year, rising over 40% from February lows to October highs. However, as Bitcoin gained attention during the election period, gold entered a consolidation phase. After digesting 2024’s gains, gold broke out of a symmetrical triangle pattern last week, fueled by the U.S. CPI report, reigniting bullish momentum.

The rally has since accelerated, with prices nearing $2,750 after a strong December recovery. December 30 marked a swing low at $2,600, and the subsequent rally has brought gold back into a near-parabolic climb.

Key Levels and Short-Term Outlook

Today’s trading sees gold retesting $2,750, a critical point for bulls. Traders are monitoring support levels like $2,721 and $2,731 for signs of sustained momentum. A pullback below $2,700 would test the bullish case, but as long as $2,688 holds, the trend remains intact.

On the four-hour chart, gold’s rapid climb highlights the need for caution. Pullbacks to key levels could offer re-entry opportunities, but traders should avoid chasing the rally without clear confirmations. The $2,750 level remains a crucial test for bullish control.