Gold Daily | Gold Prices Retreat Amid Fed Rate Cut Expectations and Economic Uncertainty

【Latest Gold Price and Recent Trends】

Gold prices have slightly retreated to approximately $3,358 after a recent surge driven by weak U.S. non-farm payroll data, which has fueled expectations of a Federal Reserve rate cut in September. Investor profit-taking and dollar stabilization have exerted pressure, though gold remains supported by economic uncertainty and tariff concerns.

【Technical Analysis】

Gold has rebounded from a near $3,245 support due to weak payroll data, aiming for a resistance at $3,438. On the hourly chart, buyers target rebounds at $3,334, seeking to push prices higher if momentum remains strong.

【Market Sentiment and Economic Background】

The U.S. economy shows signs of slowing, evidenced by disappointing job growth and downward revisions to previous employment data. This increases the likelihood of a Fed rate cut, with market expectations for a total reduction of 59 basis points this year. Additionally, President Trump's tariffs have heightened economic and geopolitical uncertainties, boosting gold's appeal as a safe haven asset.

【Analyst Opinions】

Citibank has raised its gold price forecast to $3,500 for the next three months, citing deteriorating U.S. economic growth and inflation outlook. Analysts expect gold to trade between $3,300 and $3,600, driven by strong investment demand and central bank purchases, despite high prices impacting jewelry consumption. Furthermore, the market anticipates further Fed rate cuts, aligning with a dovish stance amidst political pressures and trade tensions.