Gold Daily | Spot Gold Dips Amid Strong Dollar, Trade Concerns; Analysts Bullish on Long-term Outlook

【Latest Gold Price and Recent Trends】

Gold is currently trading around $2,783 per ounce, maintaining its recent downward trend. Key drivers include the surging U.S. dollar, profit-taking after gold's all-time high of $2,817 per ounce, and trade war concerns fueling risk aversion.

【Technical Analysis】

Gold's short-term technical outlook remains constructive as long as the 14-day Relative Strength Index (RSI) stays above 50, currently close to 63.50. The bullish crossover of the 50-day and 100-day Simple Moving Averages continues to support upward potential. However, a sustained rise above $2,800 per ounce is needed to retest the record high of $2,817, with the next major resistance at $2,850 per ounce.

【Market Sentiment and Economic Background】

Gold's recent weakness is due in part to the strengthening dollar and tariff-induced inflation concerns, which may keep borrowing costs high, impacting non-interest-bearing assets like gold. President Trump's recent tariffs on Chinese goods and plans for further tariffs on EU imports have injected uncertainty into the markets, spurring both investor caution and a temporary move away from gold.

【Analyst Opinions】

Analysts maintain a bullish stance on gold, with some projecting a short-term pullback due to profit-taking, but the long-term trend remains upward. Factors supporting this outlook include central bank gold purchases, ETF inflows, and ongoing geopolitical and economic uncertainties. Some analysts, like those from Goldman Sachs, foresee gold as a hedge against multiple risks, with a target price of $3,000 per ounce by mid-2026, driven by both structural and cyclical factors. In contrast, potential short-term resistance is seen near $2,820 per ounce, with possible support around $2,755 per ounce, suggesting limited downside risk for gold in the event of a price correction.