Gold Daily | Gold Rebounds Amid Fed Rate Cut and Strong Dollar, Analysts See Potential for $4000

【Latest Gold Price and Recent Trends】

Gold prices rebounded by 0.3% to around $3670 after initially dropping. Previously, it hit a record high of $3707.40, closing down by 0.8%. The Fed's rate cut and a stronger dollar exerted pressure on gold.

【Technical Analysis】

Gold prices showed volatility following a 25 basis point Fed rate cut, dropping after hitting a record high. Price movements have been influenced by technical levels, with a support level at $3650 and potential to retest highs around $3708. RSI indicates some caution on immediate upside but remains bullish.

【Market Sentiment and Economic Background】

The Fed's rate cut reflects a cautious approach amid economic uncertainties, with the potential for further cuts. Gold’s appeal as a safe-haven asset increases in low-rate environments. Market participants anticipate further data, including U.S. jobless claims, to drive future price movements.

【Analyst Opinions】

Analysts suggest that gold has room for growth, potentially reaching $4000, citing ongoing inflation and economic slowdown. Peter Schiff and Deutsche Bank foresee continued gold price increases. However, short-term corrections could occur before the December and January peak seasons. Overall, gold remains a strategic hedge against economic uncertainties and currency devaluation.