Gold Daily | Spot Gold Dips to $2857 Amid Stronger Dollar and U.S. Tariff Concerns

Generado por agente de IAAinvest Market Brief
viernes, 28 de febrero de 2025, 7:01 am ET1 min de lectura
GOLD--
【Latest Gold Price and Recent Trends】

Spot gold prices have slid to approximately $2857 per ounce, experiencing a daily plunge of $20 due to a stronger dollar driven by U.S. tariff announcements. The price broke major support at $2890, indicating a potential for further decline.

【Technical Analysis】

The daily chart reveals gold prices closed below the crucial 21-day SMA at $2890, intensifying downward pressure. Meanwhile, prices remain above the 14-day RSI near 53.50, hinting at persistent buyer interest. If goldGOLD-- dips below the February 12 low of $2864, it may challenge the psychological level of $2850. Bednarik notes an increased bearish potential as prices fall below the 20-day SMA for the first time since January 7. Key support levels are $2867.70, $2852.90, and $2839.10, while resistance levels are $2894.80, $2907.60, and $2925.60.

【Market Sentiment and Economic Background】

Recent tariff threats by the U.S. President have strengthened the dollar, making gold more expensive for holders of other currencies. Concerns about inflation and a potential global trade war, spurred by tariff policies, could impact economic activities, potentially benefitting gold as a safe haven. Market participants await the U.S. January PCE index, a key inflation measure, which could influence Federal Reserve rate decisions. Despite inflation pressures, the Fed maintains a neutral stance, with expectations of rate cuts later this year. Global geopolitical uncertainties, particularly involving tariffs, add complexity to market dynamics.

【Analyst Opinions】

Analysts foresee potential for gold to exceed $3000 per ounce, dependent on market reactions to tariffs. Despite gold appearing overvalued, its traditional drivers have been replaced by more dynamic factors, such as central bank policies and geopolitical risks. Strong demand and central bank purchases support long-term upward trends for gold. However, a stronger dollar and rising U.S. Treasury yields present short-term challenges. The PCE data release could alter perceptions of the Fed's rate path, impacting gold's attractiveness as a non-yielding asset.

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