Gold Daily | Spot Gold Stabilizes Amid Tariff-Driven Gains and Rate Cut Expectations

【Latest Gold Price and Recent Trends】

The spot gold price stabilized at $3,396.92, after peaking at $3,408 earlier. Gold has risen about 1% this week, driven by U.S. tariffs on imported gold bars and expectations of interest rate cuts.

【Technical Analysis】

The daily chart shows gold rebounding from support near $3,245, approaching key resistance at $3,438. A breakout might lead buyers to aim for new highs, while sellers might target a retreat to support. The 4-hour chart indicates fading bullish momentum, and in the 1-hour chart, a minor upward trendline supports buying activity, with immediate targets near the $3,350 level.

【Market Sentiment and Economic Background】

The U.S. gold futures hit historical highs as new tariffs on 1 kg gold bars were imposed, affecting Swiss exports. The U.S. job market showed weakness, heightening expectations for a Federal Reserve rate cut in September. FedWatch indicates a 91% probability of a 25 basis point cut. Trump's tariffs on multiple countries are raising concerns about global trade disruptions.

【Analyst Opinions】

Giovanni Staunovo from UBS notes that immediate shipping adjustments aren't feasible due to the new tariffs, causing a price premium for U.S. gold relative to London. Analysts expect continued demand for gold as a safe haven amidst trade tensions, with potential for further gains if the Federal Reserve confirms a rate cut. ChatGPT predicts gold may reach $5,000/oz by 2027-2028, given ongoing geopolitical tensions and central bank purchases. Overall, gold remains a strong defensive asset amid macroeconomic uncertainties, with potential adjustments if future geopolitical or economic developments alter current trends.