Gold Daily | Spot Gold Nears Record High Amid Rate Cut Hopes and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Spot gold rose 0.4% to $3,778.78, nearing a record high of $3,790.82 due to expectations of further U.S. rate cuts and geopolitical uncertainties boosting demand for safe-haven metals. Traders await U.S. unemployment data and next week's non-farm payroll report for market direction.

【Technical Analysis】

Gold remains in an uptrend, with no significant changes in technicals. It is trading above key moving averages, indicating continued bullish momentum. The RSI is in an overbought state, suggesting caution for buyers. Key resistance is at $3,791 per ounce, with potential targets at $3,800 and $3,850.

【Market Sentiment and Economic Background】

The gold price rally is spurred by U.S. financing costs declining and geopolitical risks. The Fed's dovish stance continues to put downward pressure on real yields, keeping gold in an upward trend. Traders are closely watching upcoming U.S. economic data for further cues.

【Analyst Opinions】

Ole Hansen from Saxo Bank attributes the gold rise to concerns over U.S. financing costs, high stock valuations, and geopolitical risks. Deutsche Bank remains bullish, forecasting gold to reach $4,000 next year, driven by central bank demand, especially from China. They advise maintaining long positions in gold while shorting the oil market due to excess supply concerns.