Gold Daily | Gold Hits Record High Amid Geopolitical Tensions and Rate Cut Anticipation

【Latest Gold Price and Recent Trends】

Gold prices hit a record high of $3057.57 per ounce recently, driven by geopolitical tensions, USD weakness, and anticipation of rate cuts. It currently trades around $3045, reflecting its appeal as a safe-haven investment amid uncertain global conditions.

【Technical Analysis】

Gold prices, after reaching a historical peak, appear to be experiencing a technical correction but remain bullish. Analysts suggest potential resistance between $3050 and $3100, with RSI indicating overbought conditions. It's possible for a brief pullback, testing support levels at $3023 or $3000.

【Market Sentiment and Economic Background】

The Federal Reserve maintained its rate between 4.25-4.50% but signaled two rate cuts by end of the year, boosting gold's prospects. The geopolitical landscape, including Middle East tensions and tariff uncertainties, enhances gold's appeal. Traders expect a 62.1% chance of a rate cut in June.

【Analyst Opinions】

Analysts remain optimistic about gold's future, citing geopolitical instability and tariff impacts as key factors enhancing its role as a value store. Despite recent gains, short-term corrections are possible, offering buying opportunities for investors. The ongoing tensions in Gaza further bolster gold's safe-haven status.