Gold Daily | Spot Gold Faces Pressure from Fed's Hawkish Tone and Easing Middle Eastern Tensions

【Latest Gold Price and Recent Trends】

Gold prices faced downward pressure this week as the easing of Middle Eastern tensions and hawkish signals from the Federal Reserve reduced demand for safe-haven assets. COMEX August gold futures fell 0.70% to $3,384.10 per ounce, marking the largest two-week drop. Spot gold ended at $3,368.40 per ounce, indicating weekend risk-hedging preferences.

【Technical Analysis】

Gold remains in an ascending channel, despite recent pullbacks highlighting increased divergence between bullish and bearish positions. If key support at $3,350 per ounce is breached, further declines towards $3,300 per ounce are possible, with resistance at $3,400 per ounce. Analysts suggest a breakout over $3,377 per ounce could re-challenge higher levels.

【Market Sentiment and Economic Background】

The easing of geopolitical risks and hawkish Fed signals were key factors affecting gold prices this week. The Fed maintained interest rates but expressed concerns over inflation, particularly due to new tariffs, affecting market expectations for rate cuts. Despite the pressure, gold remains a core asset amid uncertain rates and geopolitical risks.

【Analyst Opinions】

Analysts remain cautiously optimistic about gold's medium-term outlook. While short-term pressures exist, geopolitical uncertainties, persistent central bank purchases, and established dollar depreciation trends provide strong support for gold. Some major banks anticipate possible record highs if the Fed begins rate cuts later this year.