Gold Daily | Gold Rises to $3035 Amid Tariff Concerns and Inflation Fears, Eyes on U.S. PCE Data

【Latest Gold Price and Recent Trends】

Gold prices have risen slightly, now reaching $3035 per ounce due to concerns about U.S. auto tariffs escalating global trade tensions. The anticipation of reciprocal tariffs could increase inflation and slow economic growth, supporting gold prices.

【Technical Analysis】

On the daily chart, gold consolidates above the $3000 mark, with buyers potentially gaining better risk-reward near $2955. In the 4-hour chart, gold forms a range between $3000-3038. Sellers may enter near $3038 resistance, while buyers anticipate a breakout for new highs. The 1-hour chart shows a stable trend; sellers watch for rebound resistance, while buyers wait for a breakout.

【Market Sentiment and Economic Background】

Market worries over Trump's tariff plans have pushed gold prices higher, with expectations of inflation and economic growth challenges. Gold has risen over 15% this year as investors flock to safe-haven assets amid geopolitical and economic uncertainties. The focus is on upcoming U.S. PCE data that may hint at future rate paths.

【Analyst Opinions】

Analysts note Trump's tariffs are fueling gold's rise, anticipating potential inflation increases. SPDR ETF's Aakash Doshi sees prices surpassing $3100 in Q2. Goldman Sachs raised its 2025 price forecast to $3300 amid strong ETF inflows. OANDA's Kelvin Wong identifies resistance levels at $3038, $3058, and $3076.