Gold Daily | Gold Prices Rise Amid Weak Dollar; US CPI Data Could Impact Fed Policies and Gold's Momentum

【Latest Gold Price and Recent Trends】

Gold prices saw a modest increase, currently at $2,919 per ounce, influenced by a weak dollar and ongoing concerns about the trade war's impact on the economy. Investors are focused on upcoming US CPI data, which could reveal future monetary policy directions.

【Technical Analysis】

Gold remains above the 21-day simple moving average at $2,910, suggesting potential for further gains. A retest of February's high at $2,930 could be on the horizon, with historical peaks at $2,956 as subsequent targets. Conversely, if US CPI data triggers selling pressure, support is seen at $2,880, with further downside possible towards $2,850.

【Market Sentiment and Economic Background】

Investors are cautious ahead of the US CPI report, as it could influence Federal Reserve rate policies. Concerns over trade tariffs impacting global economic growth continue, with the market eyeing potential US-Russia-Ukraine peace talks which might affect gold's appeal as a safe haven.

【Analyst Opinions】

Analysts highlight the present uncertainty due to trade policies, which may sustain gold's appeal as a safe haven. With the upcoming CPI data, any deviation from expectations could impact gold's momentum. Analysts suggest any dips may present buying opportunities, predicting potential for gold to surpass $3,000 per ounce by year-end given sustained geopolitical tensions and economic uncertainty.