Gold Soars – Heading Towards 3,500 USD/ounce?GoldOANDA:XAUUSDRocky_trade_Gold prices closed yesterday at 3,457.7 USD/ounce, up 0.12% from the previous day, fluctuating between 3,453.7 USD and 3,458.1 USD/ounce, marking the highest level in the past two months. XAU/USD is currently maintaining an uptrend within a well-defined price channel, with strong support at the 3,390–3,400 range. After a short correction, the price could continue to rise if it holds above the EMA34, with the next target towards the 3,445–3,460 range and further up to 3,500 USD/ounce. This upward momentum is supported by geopolitical tensions in the Middle East, particularly between Israel and Iran, driving demand for gold as a safe-haven asset. U.S. CPI data lower than expected has also increased expectations of a Fed rate cut, alongside central banks increasing gold reserves, all contributing to the continued rise in gold prices.