Gold Daily | Middle East Tensions and Fed Speculation Keep Gold Prices Fluctuating Around $2646

【Latest Gold Price and Recent Trends】

Gold prices are fluctuating around $2646, impacted by reduced expectations of a Federal Reserve rate cut and Middle East tensions. Safe-haven demand due to potential conflict escalation limits downside.

【Technical Analysis】

Gold remains in a consolidation phase between $2625 and $2685. A break above $2673 could resume the upward trend toward $2700. However, a failure to surpass the 50-period SMA may lead to a drop towards $2630.

【Market Sentiment and Economic Background】

Middle East tensions provide support, but strong U.S. ADP employment data has bolstered the dollar, limiting gold's potential upside. Market focus is on upcoming U.S. economic data and Fed communications, with a 34% chance of a November rate cut.

【Analyst Opinions】

Analysts suggest geopolitical risks could propel gold beyond $2700 if Israeli-Iranian tensions escalate. Despite a temporary pullback, the macroeconomic environment remains favorable for gold, driven by declining real interest rates. There is still scope for investors to increase gold allocations amid a supportive backdrop.