Gold Daily | Spot Gold Stabilizes Amid Fed Rate Cuts and Geopolitical Tensions, Analysts Eye Corrections

【Latest Gold Price and Recent Trends】

International gold prices surged to a record high, driven by Fed rate cuts and Middle East geopolitical tensions. Spot gold steadied at $2618 after reaching $2630.93.

【Technical Analysis】

Gold remains in an overbought region, with RSI indicating possible corrections. Resistance levels are at $2633.77 and $2653.45, while support is at $2600.31. Analysts suggest caution, as momentum is strong yet susceptible to pullbacks.

【Market Sentiment and Economic Background】

The Fed's unexpected rate cut by 50 basis points supports gold's rise, with further cuts anticipated. Middle East tensions, notably between Israel and Hezbollah, bolster safe-haven demand. The U.S. debt and deficit levels also contribute to gold's allure.

【Analyst Opinions】

Analysts express mixed views. Some highlight the Fed's rate cut cycle as a continued boost for gold, attracting more investors. Others warn of potential exhaustion in investor demand. Concerns over geopolitical risks in the Middle East and Eastern Europe remain significant, supporting gold's safe-haven status. Some caution about the broader economic implications, suggesting the possibility of unforeseen "black swan" events. Overall, gold's upward trajectory is influenced by geopolitical risks, economic policy shifts, and the U.S. fiscal landscape, with analysts watching for potential corrections amidst strong momentum.