Gold Daily | Gold Reaches Record High Amid Falling Yields and Trade Policy Uncertainty

【Latest Gold Price and Recent Trends】

Gold prices have surged to an all-time high, surpassing $2,880 per ounce, driven by a decline in U.S. Treasury yields and uncertainties surrounding U.S. trade policies. Spot gold closed at $2,860.59/oz, with a weekly gain of 2.2%.

【Technical Analysis】

Gold is currently in an overbought state. RSI remains above 70, indicating potential for a downward correction before continuing the upward trend. The immediate support is at $2,835/oz, with further support at $2,790/oz. On the upside, resistance is near the historical high of $2,880-$2,882/oz, followed by $2,900/oz.

【Market Sentiment and Economic Background】

Gold's bullish momentum is influenced by the U.S. non-farm payroll report and President Trump's tariff announcements. The labor market shows mixed signals, boosting safe-haven demand. Despite Trump's tariff threats, which could exacerbate trade tensions, the dollar's strength has limited gold's gains. The possibility of a March rate cut remains low, with investors focusing on upcoming U.S. inflation data and Fed Chair Powell's testimony.

【Analyst Opinions】

Analysts note that wage growth amidst fewer job opportunities reflects market uncertainty, potentially favoring gold's unique position despite non-yield bearing characteristics. The uncertainty around Trump's trade policies and potential geopolitical risks continues to support gold as a safe-haven asset. However, strong economic indicators and a rising dollar may pose challenges to sustained gold price increases.