Gold Daily | Spot Gold Nears $3,400 Amid Geopolitical Tensions and Weak U.S. Employment Data

【Latest Gold Price and Recent Trends】

Spot gold rose 0.4% to $3,383.49 per ounce, driven by heightened geopolitical tensions and trade policies from the U.S. President. The gold price is nearing the psychological threshold of $3,400 due to these developments.

【Technical Analysis】

Gold is in a neutral to bullish state, maintaining positions near the moderately bullish 20-day SMA around $3,350 per ounce. The longer-term trend shows risk skewed to the upside, although technical indicators lack direction, reflecting an ongoing consolidation phase.

【Market Sentiment and Economic Background】

The recent weak U.S. employment data has fueled expectations for a Federal Reserve rate cut in September, putting pressure on the dollar, which supports gold prices. The dollar index fell to a one-and-a-half-week low at 98.00, further aiding gold's upward momentum. Investors are keenly observing President Trump’s forthcoming Federal Reserve nominations, which may significantly influence future interest rate paths and impact gold's medium-term trajectory.

【Analyst Opinions】

AI tool ChatGPT predicts that gold prices may reach $5,000 per ounce between 2027 and 2028, contingent upon macroeconomic trends. The forecast considers factors like central bank purchases, geopolitical uncertainties, and changes in currency dynamics. Despite dollar strength, bullish sentiment in precious metals is reignited by the Fed's expected rate cuts, while global central banks continue to diversify away from the dollar by increasing gold reserves.