Gold Daily | Historic Highs as Gold Surpasses $3,500 Amid Safe-Haven Demand and Economic Uncertainty
Tuesday, Apr 22, 2025 8:01 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices briefly surpassed $3,500 on Tuesday, marking a historic high driven by increased demand for safe-haven assets following President Trump's criticism of Fed Chairman Jerome Powell. Spot gold rose 0.8% to $3,452.
【Technical Analysis】
Analysts highlight the possibility of a short-term correction due to an overbought RSI on the daily chart. Despite the recent surge, any gold price pullback is seen as a buying opportunity due to ongoing US-China trade tensions and concerns over Fed independence. Key support levels are at $3,450 and $3,400, while the next psychological target is $3,600.
【Market Sentiment and Economic Background】
President Trump's criticism of Powell has shaken investor confidence in the US economy, leading to a significant drop in US stocks and the dollar. Trump's insistence on immediate rate cuts, fearing an economic slowdown, further fuels market unrest. The dollar's weakness makes USD-priced gold cheaper for overseas investors. Global trade tensions, exacerbated by new US tariffs on Southeast Asian imports, continue to bolster gold's appeal as a safe-haven asset.
【Analyst Opinions】
Analysts view the current gold surge as a reflection of heightened economic uncertainty, with geopolitical tensions and currency movements playing key roles. The strong inflow into gold ETFs suggests sustained interest, though some caution is advised given the potential for short-term volatility. Despite potential profit-taking, the long-term outlook for gold remains positive amid persistent economic and political uncertainties.
Gold prices briefly surpassed $3,500 on Tuesday, marking a historic high driven by increased demand for safe-haven assets following President Trump's criticism of Fed Chairman Jerome Powell. Spot gold rose 0.8% to $3,452.
【Technical Analysis】
Analysts highlight the possibility of a short-term correction due to an overbought RSI on the daily chart. Despite the recent surge, any gold price pullback is seen as a buying opportunity due to ongoing US-China trade tensions and concerns over Fed independence. Key support levels are at $3,450 and $3,400, while the next psychological target is $3,600.
【Market Sentiment and Economic Background】
President Trump's criticism of Powell has shaken investor confidence in the US economy, leading to a significant drop in US stocks and the dollar. Trump's insistence on immediate rate cuts, fearing an economic slowdown, further fuels market unrest. The dollar's weakness makes USD-priced gold cheaper for overseas investors. Global trade tensions, exacerbated by new US tariffs on Southeast Asian imports, continue to bolster gold's appeal as a safe-haven asset.
【Analyst Opinions】
Analysts view the current gold surge as a reflection of heightened economic uncertainty, with geopolitical tensions and currency movements playing key roles. The strong inflow into gold ETFs suggests sustained interest, though some caution is advised given the potential for short-term volatility. Despite potential profit-taking, the long-term outlook for gold remains positive amid persistent economic and political uncertainties.
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