Gold surges past $2,750 as longs pile in amid parabolic rally

Gold prices have entered parabolic territory, surging past $2,750/oz as long positions continue to accumulate despite overbought conditions. The precious metal has gained over 5% this week alone, driven by persistent dollar weakness, with USD/JPY declining below 155.00 and broader risk-off sentiment supporting safe-haven demand. Technical indicators show extreme overbought readings on daily and weekly timeframes, yet momentum remains strong with no significant reversal signals. Institutional positioning data reveals record long exposure, suggesting potential vulnerability to profit-taking. The rally reflects multiple factors including geopolitical tensions, central bank gold accumulation, and concerns over global economic stability. Immediate resistance lies at $2,780, while first support has formed at $2,720. Traders should exercise caution as parabolic moves often face sharp corrections, though the overall trend remains firmly bullish.