Gold Daily | Gold Prices Dip on Profit-Taking, Market Bullish Amid Rate Cut Expectations and Inflation Concerns

【Latest Gold Price and Recent Trends】

Gold prices have recently declined to $3,538.56 due to profit-taking after reaching an all-time high of $3,578.50. Despite this dip, the market remains bullish driven by expectations of Federal Reserve rate cuts and concerns over the Fed's independence.

【Technical Analysis】

Gold's intraday correction found support at the 23.6% Fibonacci retracement level near $3,510, with $3,560 serving as immediate resistance. A break above could target the recent high of $3,578-$3,579, potentially rallying to $3,600. Conversely, a drop below $3,510 might signal a buying opportunity, with support at $3,440, a long-term range barrier.

【Market Sentiment and Economic Background】

Investors are focusing on the U.S. non-farm payroll data, which could influence the Fed's monetary policy path. The recent decrease in job openings has intensified rate cut expectations. Globally, rising bond yields due to inflation and fiscal policy concerns have increased gold's appeal as a safe-haven asset. The political influence on monetary policy is concerning, potentially affecting inflation control.

【Analyst Opinions】

Analysts suggest that gold remains a strong investment amid heightened economic uncertainty. The increase in gold ETF holdings and expectations of further rate cuts bolster this view. Goldman Sachs sees potential for gold prices to exceed their $4,000 mid-2026 prediction if private investor demand continues. Analysts also note the market's reaction to geopolitical risks and the persisting demand for gold as a hedge against instability.