Gold Daily | Gold Dips 0.5% Amid Tariff Concerns and Profit-Taking, Testing Support at $2,920-$2,915

【Latest Gold Price and Recent Trends】

The gold price fell 0.5% to $2,937.03 after reaching a record high of $2,956.15. Market volatility is driven by profit-taking and concerns over U.S. tariff plans potentially increasing inflation and sparking a trade war.

【Technical Analysis】

Gold prices hold near $2,935, showing a bearish trend with potential support around $2,920-$2,915. RSI indicates a transition from overbought, suggesting new buying interest at lower levels. A break below these levels might test $2,900 and further support at $2,860-$2,855. Conversely, if the uptrend resumes, prices could retest the $2,956 high, with resistance at $2,970 and $3,000.

【Market Sentiment and Economic Background】

Investor sentiment remains cautious due to U.S. tariff uncertainties and potential inflation concerns. Gold is seen as a safe haven amid economic and political uncertainty, thriving in low-interest environments. The U.S. Federal Reserve is expected to maintain rates at current levels over upcoming meetings, limiting gold price impact. The market also anticipates the U.S. PCE report for inflation cues, which could influence rate cut expectations. Additionally, India's gold imports are projected to fall significantly due to high prices affecting demand.

【Analyst Opinions】

Analysts note that despite a pullback, gold's bullish potential remains, driven by ongoing tariff uncertainties, which sustain safe-haven demand. The price correction is seen as part of a bullish consolidation phase following recent record highs. Market observers suggest watching for more Fed indications on inflation and rate policies, as these could impact gold's future trajectory. Some experts also highlight the potential for geopolitical tensions to further influence gold's safe haven appeal.