Gold Daily | Dollar Weakness and Tariff Uncertainty Drive Gold Above $3,340 Amid Fed Rate Cut Optimism

【Latest Gold Price and Recent Trends】

Gold price rose over 1% driven by a weakening dollar, uncertainty in U.S. tariff policies, and fiscal concerns. Spot gold increased by 1.1% to around $3,340.

【Technical Analysis】

Gold found support near $3,250 and is testing the 50-day SMA at $3,320. A close above this may extend the rebound towards $3,350 and challenge $3,377. The RSI below 50 questions the sustainability of the rebound. Conversely, a drop below $3,297 may see a retreat to $3,248.

【Market Sentiment and Economic Background】

Investors are optimistic about Fed rate cuts later this year, and are closely watching trade talks ahead of the July 9 tariff deadline. The U.S. employment report may catalyze a decline in bond yields, favorable for gold. Dollar weakening due to fiscal deficit concerns and trade uncertainties impacts gold positively.

【Analyst Opinions】

NexMetals CEO Morgan Lekstrom warns a $5,000 gold price signals systemic crisis rather than economic strength, reflecting debt market collapse and inflation. He foresees gold stabilizing between $3,100-$3,300, potentially rising to $3,500-$3,700 in six months due to inflation pressures and limited policy options. Citibank analysts predict gold prices to consolidate between $3,100-$3,500 in Q3, potentially weakening to $2,500 by next year due to declining investment demand and supply peak concerns.