Gold Daily | Gold Prices Rise Amid Dollar Weakness and Potential Fed Chair Replacement Concerns

【Latest Gold Price and Recent Trends】

Gold prices rose slightly to $3348, driven by a weakening dollar and uncertainties regarding the possible replacement of Fed Chair Powell. The dollar's decline since March 2022 made gold cheaper for overseas buyers.

【Technical Analysis】

Gold continued its rebound, facing resistance at $3355.30. The daily chart shows neutral technical indicators, with immediate resistance at the flat 20-day SMA. The 100-day and 200-day SMAs maintain a bullish slope, supporting long-term upward trends. In the short term, gold finds support near the 200-period SMA on the 4-hour chart, with technical indicators reflecting limited buyer strength.

【Market Sentiment and Economic Background】

Investors are closely watching geopolitical tensions between Israel and Iran, alongside Fed signals on rate cuts. Current narratives suggest a potential dovish shift with a new Fed Chair, affecting gold's performance. Despite easing trade tensions, central bank demand and rate cut expectations continue supporting gold. The market awaits US GDP data for further clues on Fed actions.

【Analyst Opinions】

KCM Trade Chief Analyst Tim Waterer noted that Trump's preference for a dovish Fed Chair raises market expectations of aggressive rate cuts, weakening the dollar. Scotiabank's Shaun Osborne highlighted the focus on US data and Powell's openness to rate cuts if conditions align. Despite recent gains, gold's upward momentum has slowed, influenced by trade tension alleviation and cautious investor sentiment at high price levels.