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Gold prices have topped $2,750 per ounce with record ETF inflows of $3 billion.
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The yellow metal has gained 33% year-to-date, heading for its best year since 1979.
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Gold's rally persists despite a strong dollar, driven by safe-haven demand amid global uncertainties.
Gold prices have smashed through the 2750 handle once more following a drop over the weekend. Following the weekend, gold opened around 2732 before moving higher to within striking distance of the all-time highs.
The safe-haven appeal appears to have returned following comments yesterday by Iranian authorities that they have the right to respond to the Israeli response over the weekend. The comments seem to have reignited the appetite of market participants for the precious metal.
Gold ETF (NYSE:GLD) flows are another reason that could explain the resilience of the precious metal since the weekend. According to data, gold funds received about $3 billion in new investments last week, making it the second-largest increase ever. This is more than three times the usual amount seen in recent weeks. This is continuing a trend which started during the summer months following a brief lull in demand.
The ETF and gold fund flows have helped the precious metal maintain its gains for the year, which stands at around 33% year-to-date. This leaves the precious metal on course for its best year since 1979 at a time when Central Banks continue to increase their gold holdings as well.
There is a barrage of US data on the docket this week which could affect Gold prices. However, recent data releases have proven that despite a strong US Dollar the gold rally seems unfazed at present.
Safe haven demand appears to be outweighing any sustained US Dollar strength as global uncertainties continue to pile up. 
Technical Analysis Gold (XAU/USD)
From a technical analysis standpoint, gold does need a daily candle close above the 2750 handle which has proved elusive thus far. A daily candle close above 2750 should embolden gold bulls and facilitate a push toward the $2800 handle and print fresh all-time highs.
GOLD (XAU/USD) Daily Chart, October 29, 2024
Source: TradingView
Looking at the H4 chart below, the precious metal has closed above the 2750 handle twice but failed to kick-on. Hence my thought process is that a daily candle close above the psychological handle could assist bulls in pushing prices higher.
Immediate resistance rests at the most recent highs around 2758 before the 2775 and 2800 regions come into focus.
Conversely, a break back below the 2750 handle has to navigate support at 2738 and 2724 respectively before the chance of a retest of 2700 becomes a possibility.
GOLD (XAU/USD) Four-Hour (H4) Chart, October 29, 2024
Source: TradingView
Support
- 2738
- 2724
- 2714
Resistance
- 2758
- 2775
- 2800