Gold Daily | Gold Surges Past $2,600 Amid Fed Rate Cuts, Geopolitical Tensions, and Dollar Weakness

【Latest Gold Price and Recent Trends】

Spot gold has surged past $2,600 per ounce, bolstered by the Federal Reserve's aggressive rate cuts and subdued dollar, boosting gold's appeal as a non-yielding asset.

【Technical Analysis】

Key support is at $2,585.89, with resistance at $2,604.25, $2,618.20, and $2,632.15. A break below $2,585 could increase selling pressure. The 50-day EMA at $2,560.61 supports the bullish trend, with potential to reach $2,650.

【Market Sentiment and Economic Background】

The decrease in borrowing costs by the Fed and geopolitical tensions, particularly in the Middle East, are enhancing gold's allure. Concerns about economic growth, especially with China's slowdown, are also pushing gold prices higher. Despite strong U.S. economic data, fears remain, keeping gold demand robust.

【Analyst Opinions】

Analysts foresee continued gold price rise due to dollar weakness and increased demand for safe-haven assets. Capital.com predicts gold could reach $2,600-$2,800 in the next year. UBS targets $2,700 by mid-2025, driven by ETF demand growth amid geopolitical risks and economic uncertainties.