Gold Daily | Gold Surges Above $3500 on Fed Rate Cut Hopes and Global Economic Tensions

【Latest Gold Price and Recent Trends】

International gold surged to a new high, maintaining above the $3500 mark. Current price stands at $3537.29, boosted by Fed rate cut expectations and ongoing political/economic risks.

【Technical Analysis】

Gold risks a pullback, as the 14-day RSI remains overbought near 75. Any correction may test the $3500 support level, with further declines targeting $3470 and $3437. However, the bullish crossover of the 21-day and 50-day simple moving averages may limit losses. If buying interest returns, resistance is seen at the $3550 psychological level, with focus on the $3600 mark.

【Market Sentiment and Economic Background】

Concerns over the fiscal situation in the UK and Japan's political tensions have driven investors to safe-haven assets like gold and the dollar. The U.S. is also experiencing trade uncertainty due to potential Supreme Court actions on tariffs. Expectations for a Fed rate cut are high, with market focus on upcoming U.S. jobs data to gauge the rate cut's magnitude. The dollar has weakened over 9% this year, making gold cheaper for overseas buyers.

【Analyst Opinions】

Analysts suggest gold could further rise amid seasonal demand and rate cut expectations. The digitalization of gold could expand its market scope, according to the World Gold Council. Political influences on the Fed are enhancing gold's appeal as an investment. Analysts have upgraded 2025 gold price forecasts, with expectations of continued support from weak dollar dynamics and geopolitical risks.