Gold Daily | Spot Gold Drops to $2,750 Amid Profit-Taking and Stronger Dollar Before Fed Decision

【Latest Gold Price and Recent Trends】

Spot gold is currently around $2,750 per ounce, having experienced a significant drop of $20 from the previous peak of $2,786 per ounce. The price decline is influenced by profit-taking before the Federal Reserve's decision and a stronger dollar due to concerns over trade wars.

【Technical Analysis】

The short-term technical outlook remains constructive, despite a pullback from near historical highs. The price has reached a symmetrical triangle target of $2,785 but failed to close above it. The 14-day RSI has turned lower, suggesting a buying opportunity at dips. A bullish crossover is confirmed with the 50-day moving average crossing above the 100-day, instilling confidence in bullish potential. For another rally, gold must close above $2,790 to target $2,850. If correcting, short-term support is at $2,736, with further support at $2,700 and the 21-day MA at $2,686 if breached.

【Market Sentiment and Economic Background】

The gold price is under bearish pressure, testing the first bearish target of $2,729. The bullish scenario could reemerge if gold surpasses $2,786. The market focus is on the upcoming Federal Reserve meeting, with minimal expectations for a rate cut, and on geopolitical tensions and Trump's trade policies, which are also affecting market sentiment.

【Analyst Opinions】

Analysts suggest that Trump's tariff announcements and comments on interest rates are key drivers of the current gold market. The anticipation of further rate easing and inflation expectations amid ongoing trade disputes support gold's appeal as a safe haven. The uncertainty around future policies encourages investors to seek gold for risk hedging.