Gold Daily | Spot Gold Near Record Highs Amid Weak Dollar and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices are trading above $2,940, near record highs, driven by a weak dollar with the market eyeing key inflation reports this week. Spot gold is up 0.3% at $2,945. Last week, it hit an all-time high of $2,954.69.

【Technical Analysis】

Gold is in consolidation near historical highs, with a potential upward trajectory. On daily charts, buyers gain value around $2,790, while sellers target $2,600 if broken. On the 4-hour chart, a rising trendline supports buyers, aiming for new highs; a breach encourages sellers. The 1-hour chart shows range trading. Prices above $2,920 suggest further highs; a dip below prompts targeting the main trendline.

【Market Sentiment and Economic Background】

Gold's rise relates to disappointing U.S. macroeconomic data, affecting the dollar, opening opportunities for gold. U.S. long-term inflation expectations hit a 30-year high, adding pressure on the Fed. Geopolitical tensions and trade uncertainties provide additional upward momentum. U.S. economic data, including PCE, will determine future Fed actions. Lower borrowing costs favor gold, a non-yielding asset.

【Analyst Opinions】

Analysts suggest that gold's recent rise is supported by weak U.S. economic data and geopolitical uncertainties. KCM Trade's Tim Waterer notes U.S. data disappointment opens doors for gold's ascent, while Ajay Kedia of Kedia Commodities emphasizes strong reasons needed to break $3,000. Joshua Rotbart from J. Rotbart & Co highlights potential institutional buying by Chinese insurers, which could inject significant funds into the gold market. Michael Moor of Moor Analytics suggests a breakthrough above $2,954.2 could shift the short-term bearish trend and continue the long-term bull market.