Gold Daily | Gold Rebounds Amid Dollar Strength; Fed Rate Cut Speculation Influences Market Outlook

【Latest Gold Price and Recent Trends】

Gold prices have slightly rebounded to around $3,318 per ounce after a previous drop. The price has recently fluctuated due to a trade agreement between the US and EU that boosted the dollar and risk sentiment, diminishing gold's appeal as a safe haven.

【Technical Analysis】

Technical indicators suggest gold prices are under pressure, with the price below all moving averages on the 4-hour chart. RSI indicates a bearish outlook, suggesting possible further declines. Key support levels are at $3,301.90, $3,287.30, and $3,274.05 per ounce, while resistance levels are at $3,325.00, $3,345.00, and $3,361.80 per ounce.

【Market Sentiment and Economic Background】

The US-EU trade deal has strengthened the dollar and improved market risk sentiment, reducing the demand for gold as a safe haven. Meanwhile, upcoming US labor data and consumer confidence indices are expected to affect gold prices. The Federal Reserve meeting is anticipated to discuss policy influences, with some officials advocating support for the slowing labor market. The Fed's potential interest rate cuts could weaken the dollar, benefiting gold.

【Analyst Opinions】

Analysts are divided over gold's future, with some optimistic due to central bank purchases and fiscal deficits driving interest in hard assets like gold. Despite the recent drop, there's speculation that gold could reach $4,000 per ounce by next year due to expected Fed rate cuts and a weaker dollar. However, conflicting views from other institutions predict weaker gold prices. The market is closely watching the Fed's decisions and US economic data releases to gauge future trends.