Gold Daily | Gold Climbs to $2660 as Weaker Dollar and Geopolitical Tensions Boost Bullish Sentiment

【Latest Gold Price and Recent Trends】

Gold prices rose to $2660 per ounce, influenced by a weaker dollar and escalating geopolitical tensions. Despite this, gold is under pressure from significant monthly declines post-U.S. elections. The dollar index fell 0.4%, enhancing gold's appeal.

【Technical Analysis】

Gold has rebounded from the key support zone near $2600, aligning with major trend lines, indicating a potential buy entry. Resistance is expected around $2670, with immediate support at $2649. A break below $2600 could target the next major support near $2400.

【Market Sentiment and Economic Background】

The expectation for a 70% chance of a Federal Reserve rate cut in December supports gold's bullish trend. Geopolitical tensions, particularly the Russia-Ukraine conflict, are driving investors towards gold as a safe haven. The market is also reacting to the potential U.S. tariffs under the new administration, which could impact inflation and monetary policy.

【Analyst Opinions】

Analysts note that geopolitical tensions and market instability are driving a shift towards gold. Expectations for a Fed rate cut and declining U.S. Treasury yields further support the bullish outlook. However, any significant inflation data could alter this trend, leading to potential market corrections.