Gold Daily | Gold Prices Decline on Profit-Taking but Supported by Fed Rate Cut Expectations and Tensions

【Latest Gold Price and Recent Trends】

Gold prices recently declined, nearing $2715 per ounce after reaching a monthly high of $2725.79, driven by profit-taking following a rise due to Fed rate cut expectations and geopolitical tensions. The Fed's potential rate cut continues to support gold.

【Technical Analysis】

Gold remains supported by an upward price channel. The key pivot at $2703.23 is crucial; staying above this level could maintain bullish momentum with immediate resistance at $2726.46. Key support levels are $2679.44 and $2657.87.

【Market Sentiment and Economic Background】

Recent U.S. CPI data showed a 0.3% monthly increase, reinforcing Fed's expected 25 basis points rate cut. This expectation, along with geopolitical tensions, continues to buoy gold. Traders now focus on U.S. PPI data for further clues on monetary policy.

【Analyst Opinions】

Analysts believe that gold's recent price decline represents a profit-taking pause, with ongoing geopolitical tensions and Fed rate cut expectations likely to drive future gains. The outlook remains bullish as long as gold holds above $2703.23.