Gold Daily | Gold Holds Strong Amid Rate Cuts and Geopolitical Tensions, Eyes $2,700 Target

【Latest Gold Price and Recent Trends】

Gold prices stabilized at $2,656, slightly up, maintaining last week's levels. This quarter marks the best performance since 2016 due to significant U.S. rate cuts and expected further reductions in November.

【Technical Analysis】

Gold is slightly retreating from historical highs on the daily chart. Buyers may find better risk-reward near trend lines, while sellers aim for further declines. In the 4-hour chart, a bullish trend line supports potential new highs. Recent hourly trends show a pullback with sellers targeting new lows if trends continue.

【Market Sentiment and Economic Background】

The Fed's recent rate cuts and geopolitical tensions are boosting gold's attractiveness. Expectations of further rate cuts are causing market volatility. Upcoming U.S. data, including employment reports, could influence trends. China's easing measures and Middle Eastern unrest also support gold's bullish momentum.

【Analyst Opinions】

Analysts suggest that if labor market data aligns with further rate cuts, gold could surpass $2,700. Powell's remarks could reshape rate cut expectations, influencing gold's trajectory. Market sentiment remains optimistic despite internal Fed divisions. Gold's technical setup suggests potential for further gains, with analysts targeting resistances around $2,700 to $3,000 in future trends. Additional key factors include geopolitical tensions, particularly in the Middle East, and the Fed's stance on further rate reductions. The market sees gold as a hedge against inflation and geopolitical instability.