Gold Daily | Gold Stabilizes at $3,020 Amid Tariff Expectations and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices are stabilizing around $3,020 per ounce after reaching a historical high of $3,057 last week. Political uncertainties and expectations of U.S. tariff adjustments are keeping demand steady. Gold has risen over 15% since early 2024.

【Technical Analysis】

From a technical perspective, gold remains in a "buy the dip" mode, having recently broken an ascending triangle. The RSI suggests potential short-term corrections, with support at $3,000 and further at $2,950 if breached. Resistance is seen at $3,058 and $3,080.

【Market Sentiment and Economic Background】

Market sentiment is heavily influenced by geopolitical tensions and economic uncertainties, including upcoming U.S. tariff changes. The anticipation of these tariffs has affected investor risk preferences, reducing gold's appeal as a safe haven. Despite recent declines, gold has benefited from central bank buying and rate cut expectations.

【Analyst Opinions】

Analysts predict that gold prices might reach new highs, driven by declining U.S. Treasury yields and global economic uncertainty. McGlone suggests a target of $4,000 per ounce as investors seek alternative assets. The ongoing geopolitical strife and potential for more tariffs could further support gold's appeal.