Gold Daily | Gold Hovers Above $3200 Amid Trade Uncertainty and Weakening Dollar

【Latest Gold Price and Recent Trends】

Gold prices have retreated from record highs, currently around $3222.49 per ounce, driven by positive risk sentiment following an announcement excluding smartphones from tariffs. Despite recent dips, gold remains above the crucial $3200 level, supported by ongoing trade uncertainties and a weakening dollar.

【Technical Analysis】

Gold's RSI has retreated from overbought areas, indicating a potentially shallow pullback. Key support lies at $3200 with resistance at the recent high of $3245. A breakout above could target $3300. For the long term, resistance is at $3389 and support at $3071.

【Market Sentiment and Economic Background】

Market sentiment improved after the exclusion of electronics from tariffs, but concerns persist with potential new tariffs on semiconductors. The dollar's decline enhances gold's appeal, while rising bond yields indicate skepticism towards US assets. The lack of confidence in US trade reliability continues to drive gold demand.

【Analyst Opinions】

Analysts suggest gold's upward momentum could be temporary due to ongoing trade tensions and a weakening dollar. There's a strong demand for gold as a safe haven amid geopolitical uncertainty and economic instability. Some expect further price increase, potentially exceeding $3300, driven by persistent fears and the low confidence in US economic policies.