Gold Daily | Gold Hits Record Highs Amid Dovish Fed Expectations and Geopolitical Uncertainties

【Latest Gold Price and Recent Trends】

Gold surged to a historical high of $3,726.54 due to increased expectations of a dovish interest rate path. Currently, spot gold is up 1% at $3,722. A hawkish rate repricing could trigger corrections if the US data remains strong.

【Technical Analysis】

Gold's daily chart indicates a bullish trend with support at $3,630. If buyers maintain momentum, prices could test resistance at $3,705 and rise to $3,719-$3,739. However, any strong US data could cause a correction toward $3,120. The 4-hour chart shows support at the secondary uptrend line at $3,630, with possible further upside if buyers push past this resistance. On the 1-hour chart, resistance is at $3,723, with sellers potentially aiming for a pullback to the secondary trend line.

【Market Sentiment and Economic Background】

Gold's rally is supported by dovish Fed expectations, geopolitical uncertainties, and central bank purchases. Investors are eyeing upcoming speeches by Fed officials and key US inflation data to gauge future monetary policy. The market anticipates two more Fed rate cuts this year, which could further influence gold prices.

【Analyst Opinions】

Analyst Giovanni Staunovo expects gold to hit new highs, driven by Fed rate cut signals. Dhwani Mehta suggests gold remains bullish with potential to break previous highs, targeting $3,750 if the daily close surpasses $3,708. Nicholas Kitonyi points to a short-term bullish outlook, forecasting a rise to $3,727 or higher. Despite recent volatility, long-term prospects remain strong, with potential to reach $3,900 by mid-2026. Bob Haberkorn sees a year-end target of $4,000 amid continued bullish trends.