Gold Daily | Gold Surges Past $3350, Driven by Weak Dollar and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices recently surged to historical highs, briefly surpassing $3350, before retreating to around $3300. Despite the pullback, gold remains in a robust uptrend, driven by a weakened dollar and geopolitical uncertainties.

【Technical Analysis】

Gold is technically overbought, though analysts advise caution due to potential price corrections. The MACD is at its highest since April 2011, indicating possible price peaks. Major support levels are at $3300, $3245, and $3167, while resistance is at $3350 and beyond.

【Market Sentiment and Economic Background】

Gold's resilience is closely tied to the weakening dollar, which has fallen near a three-year low. Continued dollar depreciation, driven by geopolitical tensions and trade policy unpredictabilities, bolsters gold as a safe haven. The sentiment remains bullish amid concerns over global economic slowdown and inflation.

【Analyst Opinions】

Analysts foresee gold as a currency asset rather than merely a commodity, influenced by recent global events. Brown Brothers Harriman anticipates further dollar weakness, which supports gold's extraordinary rise. Investors consider any gold price dip an opportunity to buy due to ongoing uncertainties. While some forecasts now see gold reaching $5000 by 2030 as conservative, others view it as the ultimate safe-haven asset amid potential capital shifts away from traditional dollar assets.