Gold Daily | Gold Hits Four-Month High on Fed Rate Cut Bets and Safe-Haven Demand Amid Market Uncertainty

【Latest Gold Price and Recent Trends】

Gold prices have risen to a four-month high, currently up 0.9% at $3,475.94, driven by increased bets on a U.S. Federal Reserve rate cut and heightened safe-haven demand due to global market uncertainties.

【Technical Analysis】

Gold maintains a bullish outlook with room for further gains. The 14-day RSI remains below overbought levels, while the 21-day and 50-day SMAs form a supportive bullish crossover. Key resistance is at the record high of $3,500, with further targets at $3,550. A pullback could test $3,437, with significant support at the 21-day SMA of $3,373.

【Market Sentiment and Economic Background】

The market is anticipating a more aggressive Fed easing policy, with a 90% chance of a rate cut this month. Economic indicators such as U.S. core PCE inflation aligning with expectations reinforce this sentiment. Meanwhile, geopolitical uncertainties, including U.S. trade policy and Asian market declines, further bolster gold's appeal as a safe haven.

【Analyst Opinions】

Analysts highlight that while U.S. trade policies and court rulings create uncertainty, the dollar remains resilient for now. Robert Kiyosaki and other experts advocate for gold as a long-term asset amid market volatility, emphasizing its role in hedging against traditional market downturns and fiat currency devaluation. Additionally, Bloomberg's Mike McGlone suggests that gold's outperformance relative to oil could propel prices higher, highlighting economic pressures and the demand for defensive assets like gold.