Gold Daily | Spot Gold Dips Below $2,890 Amid Strong Dollar, Awaiting Key Inflation Data
Generado por agente de IAAinvest Market Brief
jueves, 27 de febrero de 2025, 7:01 am ET1 min de lectura
【Latest Gold Price and Recent Trends】
Gold prices declined on Thursday, falling below $2,880 per ounce amid a strengthening US dollar and rising bond yields. As of the latest update, spot gold was down 0.8%, trading near $2,890. Investors await key inflation data to gauge the Federal Reserve's policy path.
【Technical Analysis】
On the daily chart, gold's key support is at the 21-day moving average ($2,890). Holding above this level maintains the bullish trend, with the RSI above 50. Upside targets include breaking past $2,930, then challenging $2,956, and further resistance at $2,970 and the psychological $3,000 mark. A close below the 21-day moving average may lead to a drop towards $2,877, with stronger support at $2,850.
【Market Sentiment and Economic Background】
The US dollar is gaining strength due to President Trump's trade policy uncertainties, including potential tariffs on EU imports. The market is watching the upcoming US GDP revision and Fed speeches, which may influence gold. Higher US bond yields reduce the appeal of non-yielding gold, but concerns about economic slowdown still lead some to bet on Fed rate cuts this year.
【Analyst Opinions】
Analysts suggest that while a slight recovery of the dollar and treasury yields pressures gold, the overall upward trend remains intact. Upcoming economic data, especially the PCE index, could impact gold's prospects if they alter Fed rate cut expectations. Some caution that gold's recent rise may be part of a profit-taking cycle, with long-term bullish trends persisting despite short-term fluctuations. Gold remains a hedge against political risk and inflation, but higher interest rates could diminish its allure. Additionally, geopolitical discussions between the US and Russia could impact market sentiment regarding the Ukraine conflict. Investors are advised to consider gold as part of a diversified portfolio while being mindful of its recent price levels and potential volatility.
Gold prices declined on Thursday, falling below $2,880 per ounce amid a strengthening US dollar and rising bond yields. As of the latest update, spot gold was down 0.8%, trading near $2,890. Investors await key inflation data to gauge the Federal Reserve's policy path.
【Technical Analysis】
On the daily chart, gold's key support is at the 21-day moving average ($2,890). Holding above this level maintains the bullish trend, with the RSI above 50. Upside targets include breaking past $2,930, then challenging $2,956, and further resistance at $2,970 and the psychological $3,000 mark. A close below the 21-day moving average may lead to a drop towards $2,877, with stronger support at $2,850.
【Market Sentiment and Economic Background】
The US dollar is gaining strength due to President Trump's trade policy uncertainties, including potential tariffs on EU imports. The market is watching the upcoming US GDP revision and Fed speeches, which may influence gold. Higher US bond yields reduce the appeal of non-yielding gold, but concerns about economic slowdown still lead some to bet on Fed rate cuts this year.
【Analyst Opinions】
Analysts suggest that while a slight recovery of the dollar and treasury yields pressures gold, the overall upward trend remains intact. Upcoming economic data, especially the PCE index, could impact gold's prospects if they alter Fed rate cut expectations. Some caution that gold's recent rise may be part of a profit-taking cycle, with long-term bullish trends persisting despite short-term fluctuations. Gold remains a hedge against political risk and inflation, but higher interest rates could diminish its allure. Additionally, geopolitical discussions between the US and Russia could impact market sentiment regarding the Ukraine conflict. Investors are advised to consider gold as part of a diversified portfolio while being mindful of its recent price levels and potential volatility.
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