Gold Daily | Gold Hits Record $2620.91 Amid Fed Rate Cut and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices surged nearly $35, reaching a record high of $2620.91 per ounce, driven by a significant Fed rate cut and geopolitical tensions.

【Technical Analysis】

Gold's RSI indicates potential overbought conditions but remains within an upward channel. Key resistance is at $2630. If breached, $2700 is the next target. Support levels are at $2600, $2570, and $2530.

【Market Sentiment and Economic Background】

The Fed's aggressive rate cut enhances gold's appeal, with low interest rates reducing the dollar's strength. Geopolitical risks, including Middle Eastern tensions, support gold's safe-haven demand. Weak economic data could further pressure the dollar, boosting gold.

【Analyst Opinions】

Analysts predict gold's rally may soon correct, yet some foresee further gains due to continued geopolitical risks. The weakening dollar and ongoing rate cuts bolster gold's long-term appeal. Though a rise to $3000/oz is seen as gradual, current conditions favor investment in gold.