GLD ETF analysis: Here’s what to expect after the fresh all-time high

Gold price hit a fresh record high this month as the heightened safe-haven demand also bolstered other precious metals. The bullion has rallied by close to 70% year-to-date, hitting multiple all-time highs and exceeding the crucial levels of $3,000 and $4,000 an ounce for the first time this year. With the steady bullish momentum, it is set to record its best annual performance since 1979.  

At the time of writing, gold price was at $4,433 an ounce. Increased bets on more Fed rate cuts in 2026, coupled with geopolitical risks and economic uncertainties, continue to fuel the bullion’s uptrend.

Gold price refreshes its all-time high on Fed rate cut bets

Close to two weeks ago, the Federal Reserve cut interest rates by a quarter basis points, matching the expectations of investors. Ordinarily, an environment of lower interest rates tends to favor the non-yielding bullion. 

As an immediate response to the FOMC statement, Treasury yields edged higher as gold’s upside momentum eased. This is after the Fed signalled caution, indicating that it will pause on further cuts in the ensuing months.

However, financial markets are pricing in at least two interest rate cuts by the US central bank in 2026 amid a slowing jobs market. Besides, steady central bank buying, heightened physical demand, geopolitical tensions, and economic uncertainties are set to continue bolstering gold price. 

That said, the end-of-year festivities usually come with lower trading volumes. Besides, the bullion’s rally to a fresh all-time high will likely activate the profit-taking mode. As such, GLD gold price may record a corrective pullback in the ensuing sessions, even as the ETF inflows remain healthy and steady. 

Meanwhile, other precious metals continued in an uptrend; starting the week at new highs. Platinum price refreshed the 17-year high hit in the previous session, rising past $2,000 an ounce for the first time since July 2008. 

At the same time, palladium extended gains to a level last recorded in December 2022. In addition to their safe haven appeal, the recently launched futures contracts at the Guangzhou Futures Exchange have contributed to these metals’ price increase. Besides, silver price refreshed its all-time high amid the heightened investment and industrial demand. 

GLD gold price technical analysis

The GLD gold ETF extended its previous gains on Monday to trade at a fresh all-time high of $408. At the time of writing, it was trading at $407.83. 

A look at its daily chart shows it deep in the overbought territory at an RSI of 78. As such, it is set for a healthy correction in the near term, even as its uptrend remains solid. 

At its current level, it may continue to find support along the previous all-time high of $402 as the entry of more buyers positions it for a fresh all-time high at $415. A further corrective pullback will likely place it back to last week’s range as it finds support at $393. That will still hold it steady above the bullish trendline that has shaped its price movements since late August. However, a decline past that zone will invalidate this thesis. 

Read more: Top 5 reasons gold price is on a relentless bull run