Gold Daily | Gold Surpasses $3200 Amid US-China Trade Tensions and Weak Dollar

【Latest Gold Price and Recent Trends】

Gold prices surged past $3200 per ounce for the first time amid heightened US-China trade tensions and a weakening dollar, reaching a record $3237.64 per ounce. This week, gold prices rose over 6%, driven by its safe-haven appeal amidst economic uncertainty.

【Technical Analysis】

Gold recently hit a new high of $3237.64 per ounce, showing a consistent upward trend from Wednesday through Friday. The breakout above the $3200 level suggests potential further gains, with immediate resistance at $3250 and the next target around $3300 per ounce. The first support level lies at $3200, followed by $3061, should any corrections occur.

【Market Sentiment and Economic Background】

Global economic tensions and stagflation risks, coupled with a softer dollar, are supporting gold prices. The US-China trade war has escalated, with the US increasing tariffs on Chinese imports to 145% and China retaliating with 125% tariffs on US goods. These developments have heightened recession fears and driven investors towards gold.

【Analyst Opinions】

Analysts see further room for gold's rise, with some expecting it to reach $3400-$3500 per ounce in the coming months. Central bank purchases and the expectation of Fed rate cuts are bolstering gold's allure. Analysts warn, however, that easing geopolitical tensions or improved US economic conditions could cap gold's gains.