Gold Daily | Spot Gold Holds Above $3,020 Amid Tariff Concerns and Bullish Market Momentum

【Latest Gold Price and Recent Trends】

Spot gold is currently trading near $3,020 per ounce, showing slight fluctuations within a $20 range this week. Gold prices have increased due to concerns over U.S. President Donald Trump's upcoming tariff plans, which may drive inflation and hinder economic growth.

【Technical Analysis】

The daily chart indicates bullish momentum as gold prices create higher highs and lows, remaining above all bullish moving averages. The 20-day SMA offers dynamic support near $2,954.70. Short-term potential is limited, with resistance levels at $3,038, $3,058, $3,076, and $3,090.

【Market Sentiment and Economic Background】

Concerns over U.S. tariffs and inflation are affecting economic sentiment. The U.S. Consumer Confidence Index dropped to 92.9, below expectations of 94.2, while geopolitical developments between Russia and Ukraine are influencing market dynamics. Despite these challenges, gold's role as a safe haven asset continues to support its price, having risen over 15% this year.

【Analyst Opinions】

Analysts are optimistic about gold's potential, with expectations for prices to reach $3,200 by September. If the Federal Reserve adopts a hawkish stance, this may slow down gold's momentum. The market is awaiting U.S. PCE data for further monetary policy clues, underlining the impact of low interest rates on gold's performance.