Gold Daily | Gold Surges Over 2% Weekly Amid Trade Tensions and Safe-Haven Demand, Eyes $2,900 Mark

【Latest Gold Price and Recent Trends】

Gold prices rose on Friday, reaching $2,866 per ounce, marking a weekly increase of over 2%. The recent surge is driven by heightened trade war fears, boosting safe-haven buying as investors await U.S. employment data.

【Technical Analysis】

Gold maintained its upward momentum, with analysts suggesting a potential bullish crossover on the 4-hour chart. Resistance is pegged at $2,882, and support levels at $2,849 and $2,826. A push past $2,900 is expected if bullish trends continue.

【Market Sentiment and Economic Background】

The geopolitical tensions and uncertainties around U.S. economic policies, including tariffs on Chinese goods, have increased gold's appeal as a safe-haven asset. The ongoing fears regarding trade tariffs have been a significant driver, with expectations that the upcoming U.S. employment report could influence the Federal Reserve's rate decisions. Central banks' gold purchases further support the market.

【Analyst Opinions】

Analysts expect gold prices to remain strong, potentially surpassing the $3,000 mark, due to the persistent uncertainties in U.S. policies and global economic conditions. Goldman Sachs highlights the upward risk due to sustained central bank demand and investor interest in safe-haven assets. The potential for further Federal Reserve rate cuts amid economic data scrutiny could also support higher gold prices.