Gold Daily | Gold Prices Pull Back Amid Profit-Taking, Strong Dollar, Geopolitical Tensions Support Levels

【Latest Gold Price and Recent Trends】

Gold prices have experienced a pullback after reaching historical highs above $3,050 per ounce due to profit-taking and a stronger US dollar. While gold maintains its allure, uncertainties in the global economy and potential Fed rate cuts continue to support its value.

【Technical Analysis】

Gold remains below key resistance levels. A sustained breakout above these levels is needed for a rise to $3,100–$3,200; otherwise, prices may dip to $3,000 or lower. Recent bearish momentum indicates potential further declines to $2,950 if key supports are breached.

【Market Sentiment and Economic Background】

Despite geopolitical tensions and economic uncertainties, gold has risen due to expectations of Fed rate cuts and investor demand as a safe haven. Recent Fed decisions to maintain rates while anticipating rate cuts by year-end underpin gold's strength. Additionally, geopolitical tensions in the Middle East and trade war concerns bolster gold's appeal.

【Analyst Opinions】

Rob Haworth from Bank of America Wealth Management advises caution as sustaining high gold prices requires intensified market uncertainties. David Sekera from Morningstar predicts a gold price decline to $1,820 based on supply-demand analysis and reduced inflationary pressures. Mohamed El-Erian warns that rising gold prices could challenge the dollar's global dominance. Analysts agree that geopolitical risks and economic tensions will support gold, but prices depend on broader economic developments and central bank policies.