Gold Daily | Gold Prices Retreat from Record High Amid Strong Dollar and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices have receded to around $3,030 per ounce, influenced by a strong U.S. dollar and profit-taking after hitting a record high this week. Despite a slight dip, gold remains on an upward trend, driven by geopolitical tensions and expectations of a Fed rate cut later in the year.

【Technical Analysis】

On the daily chart, gold is consolidating around $3,050. Buyers find better opportunities around $2,955, while sellers target $2,832 if the trendline is breached. On the 4-hour chart, a neckline support at $3,020 presents a bullish opportunity. In the 1-hour chart, a potential bullish flag formation may drive prices higher if the trendline is breached.

【Market Sentiment and Economic Background】

Gold's appeal is bolstered by geopolitical tensions and economic uncertainties. The Fed's decision to maintain rates and a forecast for two rate cuts by year-end are supporting gold's demand. Tensions, such as those between Israel and Gaza, and trade tariffs, are further fueling demand for gold as a safe haven. The U.S. economy, despite concerns over tariffs and inflation, remains stable, providing a backdrop for gold's appeal in uncertainty.

【Analyst Opinions】

Analysts, including Peter Schiff, highlight the strength of the current gold bull market, noting that despite record highs, investor interest remains subdued, with mining stocks undervalued. Some predict gold could reach $3,500 by year's end, citing strong investment demand amid economic uncertainties. The ongoing geopolitical tensions and expectations of Fed rate cuts are seen as key drivers for continued bullish sentiment in the gold market.