【Latest Gold Price and Recent Trends】
Gold prices have risen this week amid geopolitical risks and sovereign debt concerns, despite strong economic data. Spot gold opened at $3,271 per ounce and, after some fluctuations, climbed to $3,356 per ounce as of Tuesday morning. Short positions then led to oscillations in the $3,330-$3,355 range.
【Technical Analysis】
Spot gold experienced fluctuations between $3,330 and $3,355 per ounce, but short-term support near $3,345 was tested. A significant dip occurred before non-farm payroll data was released, followed by a rebound.
【Market Sentiment and Economic Background】
The weakening U.S. dollar has sustained gold prices, with currencies like the euro, pound, and yuan seeing substantial gains over the past six months. Despite strong economic data and stock market rallies, gold has not significantly declined, reflecting the dollar's devaluation.
【Analyst Opinions】
Opinions are divided. Some experts are bullish, citing ongoing dollar weakness and U.S. debt concerns as supportive factors for gold. Others remain cautious, noting potential challenges from tariffs and central bank activity. The Federal Reserve's monetary stance is also debated, with concerns about interest rate cuts potentially fueling inflation. Despite this, the medium-term outlook for gold remains positive, with any short-term corrections not expected to last.
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