Gold Daily | Gold Tops $3000 Amid Geopolitical Uncertainty and Strong Central Bank Demand

【Latest Gold Price and Recent Trends】

Gold prices have recently exceeded $3000, driven by geopolitical uncertainties, strong central bank demand, and increased flows into gold-backed ETFs. The price has risen nearly 15% this year.

【Technical Analysis】

On daily charts, gold is trading below its 20-day simple moving average (SMA), indicating potential continuation of downward momentum. Key resistance lies at $3050, while support is around $2957. In the short-term, further declines could occur if price breaches below $2959.

【Market Sentiment and Economic Background】

Global trade tensions, particularly tariffs imposed by the US, have heightened economic uncertainty and increased demand for gold as a safe haven. The dollar softening has made gold cheaper for foreign buyers, further supporting its price. However, concerns over a full-blown trade war persist, potentially putting pressure on gold. Investor focus will also be on upcoming US economic data releases, including CPI and PPI, which could impact gold's outlook.

【Analyst Opinions】

Analysts highlight gold's role as a safe investment amid geopolitical and financial uncertainties. Some predict sustained upward trends due to these pressures, while others warn of volatility due to liquidity issues and margin calls. HSBC's James Steel believes current geopolitical factors sustain high prices longer than historical events such as the Iran revolution or oil crisis. Meanwhile, Bank of America strategist Michael Widmer forecasts gold reaching $3500 within two years, driven by potential Fed rate cuts and ongoing geopolitical tensions.