Gold Daily | Gold Reaches Record High on Fed Rate Cut Expectations and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold hit a record high of $2,586/oz, closing at $2,578.68, driven by expectations of significant Fed rate cuts and geopolitical tensions. The market anticipates possible rate cuts of 25 or 50 basis points.

【Technical Analysis】

Gold shows a strong bullish trend with RSI indicating further upside potential. Key resistance is at $2,600/oz, while $2,530/oz serves as the first support. The price remains above short-term moving averages, suggesting continued strength.

【Market Sentiment and Economic Background】

Gold's rise is fueled by expectations of Fed rate cuts and geopolitical instability, such as tensions in the Middle East. The possibility of a 50 basis point cut has increased, alongside consistent central bank purchases and strong ETF demand. Economic indicators like inflation and employment data are mixed, adding to market uncertainty.

【Analyst Opinions】

Analysts are optimistic about gold's outlook, with predictions of reaching $3,000/oz in the medium term. Lower interest rates enhance gold's appeal as a non-yielding asset. The upcoming Fed meeting and potential geopolitical events are key factors that could further influence gold prices.