Gold Daily | Gold Rises to $3,365.49 Amid Weak Dollar and Trade Tensions Ahead of US Tariff Deadline

【Latest Gold Price and Recent Trends】

Gold prices rose to $3,365.49 per ounce, driven by a weakening dollar, making gold cheaper for other currency holders. As the US tariff deadline approaches on August 1, attention is focused on trade developments.

【Technical Analysis】

Recent price movements indicate gold is bouncing off key trend lines. The daily chart shows gold above major moving averages; 3377 resistance is crucial. Short-term support is near 3330, while further resistance is at 3400, suggesting potential upward momentum.

【Market Sentiment and Economic Background】

Gold benefits from economic uncertainty and low interest rates. The approaching tariff deadline creates defensive buying opportunities. Fed's policy meeting on July 29-30 might influence gold's trend, with expectations of interest rate adjustments affecting market dynamics.

【Analyst Opinions】

Analysts note inflation expectations and strong economic data impact rate cut predictions. Despite these, buying strategies mitigate gold's downside risks. The market remains cautious with potential tariff extension and Federal Reserve Chair Powell's political situation possibly affecting the dollar and gold.