Gold Daily | Gold Prices Dip as Dollar Strengthens Amid U.S. Trade Court Ruling and Market Consolidation

【Latest Gold Price and Recent Trends】

Gold prices recently fell to a low of around $3,245 per ounce, losing about 0.7% to $3,268 as the U.S. trade court's decision to block tariffs diminished the metal's safe-haven appeal. The dollar's strength further pressured gold.

【Technical Analysis】

On the daily chart, gold prices are consolidating, waiting for a breakout from the downtrend line. The price remains in a range, with bulls aiming for new highs and bears seeking a decline to $2,955. On the 4-hour chart, a recent dip below $3,278 suggests potential bearish entry, while bulls watch for recovery above this level. The 1-hour chart shows a short-term downtrend, with potential bear entries near the trendline aiming for new lows.

【Market Sentiment and Economic Background】

The U.S. trade court ruling against Trump's tariffs has strengthened the dollar, making gold more expensive for non-dollar buyers. Despite the dip, gold's long-term outlook remains bullish amid potential Fed policy shifts and geopolitical tensions. Markets await U.S. GDP and core PCE data for further Fed policy insights.

【Analyst Opinions】

ActivTrades' Ricardo Evangelista notes that improved risk appetite due to the court ruling pressures gold. ANZ maintains a bullish view but anticipates a pullback to $3,050 before potential geopolitical tensions increase gold's appeal. Nicholas Frappell highlights long-term dollar weakness and inflation expectations supporting gold, while Standard Chartered expects consolidation before a rise to $3,500. Analysts recommend maintaining core positions amid short-term volatility.