Gold Daily | Prices Near Record Highs Amid Fed Rate Cut Expectations and Dollar Weakness

【Latest Gold Price and Recent Trends】

Gold prices hover around $2585, nearing a record high due to expectations of significant Fed rate cuts and a weaker dollar, despite recent pullbacks.

【Technical Analysis】

Gold is approaching overbought territory on RSI. Key support levels are at $2550 and $2544. If demand recovers, prices could target $2600 and $2650.

【Market Sentiment and Economic Background】

The Fed is expected to cut rates by 50 basis points, supporting gold as it lowers opportunity costs. Upcoming U.S. retail sales data is crucial; stronger-than-expected data could boost the dollar and weaken gold, while weaker results could enhance gold's appeal.

【Analyst Opinions】

Analysts remain optimistic about gold's long-term prospects. A potential new bullish supercycle for commodities, influenced by geopolitical uncertainties and fiscal policies, supports this view. Société Générale sees gold as a key asset, predicting a rise to $2800 per ounce by 2025, driven by central bank purchases and geopolitical tensions. Meanwhile, concerns about speculative positions suggest a potential correction, though strong demand from Asia and central banks may sustain the trend.