Gold Daily | Gold Prices Maintain Weekly Uptrend Amid Economic Uncertainty and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices have slightly decreased, trading at approximately $2,932.36 per ounce, yet they maintain an upward trend with a 1.6% increase this week, driven by global economic uncertainty and political instability, particularly due to recent U.S. tariffs announced by President Trump, which have fueled safe-haven demand.

【Technical Analysis】

Analysts highlight that gold remains in an uptrend but might be due for a technical pullback. The RSI near 70 indicates a strong bullish sentiment, though some profit-taking could occur. Key support is around $2,900, while $2,985 and $3,000 are potential resistance levels.

【Market Sentiment and Economic Background】

Gold has enjoyed a significant rise amidst concerns over U.S. tariffs on multiple sectors, including lumber and semiconductors, as well as existing tariffs on China, steel, and aluminum, intensifying global trade tensions. Additionally, geopolitical concerns, such as the Russia-Ukraine conflict, continue to support gold's safe-haven appeal. The Federal Reserve's steady rate policy in response to inflation worries adds to the mix.

【Analyst Opinions】

Traders see current dips as buying opportunities, expecting further upside driven by geopolitical tensions and economic uncertainties. Phillip Streible notes ongoing central bank gold purchases and ETF inflows as supportive factors. However, a potential U.S.-Ukraine-Russia peace deal could exert temporary downward pressure. Goldman Sachs raises its year-end gold price forecast to $3,100 due to structural increases in central bank demand.