Core Viewpoint - The price of spot gold has surged significantly, reaching a high of $3387.05 per ounce, driven by bearish sentiment towards the US dollar and escalating geopolitical tensions in the Middle East [1][2]. Market Analysis - Gold prices have shown a strong upward trend, with a cumulative increase of approximately $150, indicating a robust bullish momentum after a period of consolidation [2]. - The key resistance level is identified at $3386 per ounce, which aligns with the Fibonacci 61.8% retracement level, suggesting that this point will be crucial for future price movements [4]. - The market is advised to monitor the support level at $3350 per ounce; a breach below this could lead to further declines, while maintaining above it may allow for continued upward movement [4][5]. Technical Indicators - The current trading strategy suggests a focus on buying on dips within the $3368-$3373 range, with a stop loss set at $3362 and a target of $3390-$3400 [6]. - The short-term support levels are identified at $3370-$3364, with stronger support at $3360, while resistance levels are noted at $3386 and $3400 [5][6].