Gold Daily | Gold Rebounds Amid Fed Rate Cut Speculation and Economic Uncertainty, Targets $3900

【Latest Gold Price and Recent Trends】

As of Friday, gold rebounded significantly from a low of $3837.94 and now stands near $3860 per ounce. Recent fluctuations have been driven by cautious remarks about rate cuts from Dallas Fed President Logan, causing temporary volatility.

【Technical Analysis】

Gold buyers are hopeful with RSI above the midline on the 4-hour chart, despite recent RSI declines. Key resistance is at $3900; if surpassed, price may target $3950 and $4000. If corrective decline continues, initial support is at $3803 (50-period SMA), with further targets at $3736 (100-period SMA) and $3700.

【Market Sentiment and Economic Background】

Dallas Fed President Logan’s cautious stance on rate cuts led to sharp gold price fluctuations. Despite recent market volatility, Fed’s potential rate cut remains highly anticipated, maintaining gold’s appeal as a haven asset. U.S. government shutdown could delay key economic data releases, influencing market sentiment. The dollar’s rebound and Fed rate cut speculation are contributing factors to gold’s current price movements.

【Analyst Opinions】

Analysts emphasize gold's potential amidst economic uncertainties. Goldman Sachs identifies gold as a top commodity recommendation, with future targets hinting at significant price increases. Despite temporary corrections, gold’s long-term bullish trend remains intact, supported by geopolitical and economic factors.