Gold Daily | Gold Hits Two-Week High as Trump's Fed Shakeup and Dovish Signals Boost Safe-Haven Demand

【Latest Gold Price and Recent Trends】

International gold reached a two-week high, driven by a softer dollar following President Trump's announcement to dismiss Federal Reserve Governor Lisa Cook. Spot gold is up 0.37% at $3,377/oz.

【Technical Analysis】

On the daily chart, gold remains range-bound with resistance at $3,438 and support at $3,245. The 4-hour chart shows a retreat to the $3,350 level after a recent rally, where buyers are entering the market. A breach of $3,350 could lead to a test of $3,245 support. On the 1-hour chart, minor resistance is at $3,379, with buyers targeting a breakout.

【Market Sentiment and Economic Background】

The recent dismissal of Cook by Trump has raised concerns over the Fed's independence, boosting gold's safe-haven appeal. Fed Chairman Powell's dovish signals about potential rate cuts have further supported gold. The market is focused on the PCE price index, a key inflation indicator for the Fed, due to be released soon.

【Analyst Opinions】

Analysts suggest that Trump's actions and Powell's dovish remarks have increased market uncertainty, leading to additional safe-haven flows into gold. The dovish expectations further pressure the dollar, supporting gold prices. The CME FedWatch tool indicates an 88% probability of a rate cut next month. However, any hawkish repricing of interest rate expectations could cause a short-term gold pullback.