Gold Daily | Gold Prices Dip on Stronger Dollar and Trade Optimism, Set for Weekly Gain

【Latest Gold Price and Recent Trends】

Gold prices have fallen due to a stronger dollar and positive US-EU trade talks, trading at $3,350, a 0.5% drop. Despite this, gold is set for a weekly gain, supported by expectations that the Fed may not cut rates soon.

【Technical Analysis】

Gold continues to decline, closing below the key support of $3,377, now acting as resistance. A breach above $3,377 is needed for bulls to regain control, with further targets at $3,440 and $3,453. Key support lies around $3,340, near the 21-day and 50-day moving averages, with further downside risk to $3,297.

【Market Sentiment and Economic Background】

Recent easing of trade tensions and optimism about US-EU trade agreements have dampened safe-haven demand for gold. The US dollar's rebound and rising bond yields have added pressure on gold prices. The US reported a drop in unemployment claims, indicating a stable job market. President Trump's visit to the Federal Reserve highlighted his push for lower interest rates, although no immediate policy changes are expected from upcoming Fed and ECB meetings. Despite these developments, fundamentals such as central bank purchases continue to support gold.

【Analyst Opinions】

Analysts note that risk sentiment has improved with potential trade deals, reducing gold's upward momentum. The current price movements reflect a period of consolidation, needing new catalysts to break out. A bullish outlook remains as long as key supports hold, with expectations for potential long-term increases given geopolitical and economic uncertainties.