Gold Daily | Gold Retreats Slightly from Record High Amid Geopolitical Tensions and Fed Policy Speculation

【Latest Gold Price and Recent Trends】

Gold prices have slightly retreated from their record high, currently near $3034 per ounce, after hitting $3045.41 and reaching a historic peak. The retreat is seen as a pause before potential further gains, influenced by geopolitical tensions and trade uncertainties.

【Technical Analysis】

Technical indicators suggest a bullish trend for gold, highlighted by a breakout from an ascending triangle. The RSI remains above the overbought zone at around 72, indicating a possible short-term pullback before further uptrend. Initial support is expected at $2980 per ounce, followed by $2956 and $2935 per ounce as additional support levels. On the upside, if buyers regain control, they may target the record high and $3050 per ounce.

【Market Sentiment and Economic Background】

Geopolitical tensions, such as the Israel-Gaza conflict and uncertainties from Trump's tariff plans, have increased demand for safe-haven assets like gold. The anticipation surrounding the Federal Reserve's monetary policy decision and economic forecasts, including potential rate changes, further impacts market sentiment. The Fed is expected to keep rates unchanged, but any indications of rate adjustments could influence gold's trajectory. Traders are also speculating on June rate cuts, which could further affect gold prices.

【Analyst Opinions】

Analysts suggest that ongoing geopolitical and trade tensions will continue to drive gold's bullish momentum. MKS PAMP SA and other market analysts highlight the role of geopolitical uncertainties in sustaining gold's upward trend, with predictions of further increases in the coming months. Additionally, expectations for Fed policy adjustments are closely monitored, as they could further impact gold's market dynamics.