Gold Daily | Record Highs in Gold Amid Trade Tensions and Dollar Weakness Signal Continued Bullish Momentum

【Latest Gold Price and Recent Trends】

Gold prices surged to a record high, reaching 3,357.78 USD, up 0.4% on Thursday, following a 3.5% rise on Wednesday. Market concerns, including trade tensions, fuel continued support for gold.

【Technical Analysis】

Gold prices remain firmly above all bullish moving averages, with significant support at the 20-day SMA around 3,114 USD. RSI indicates overbought conditions, but price trends suggest the bullish momentum persists. Key support levels are 3,317.20 USD, 3,305.65 USD, and 3,292.80 USD, while resistance is seen at 3,350 USD and 3,375 USD.

【Market Sentiment and Economic Background】

Market volatility intensified as Fed Chairman Powell warned of trade conflicts, causing stocks and the dollar to drop sharply. Gold has risen due to trade war concerns, strong central bank purchases, and the perception as a safe-haven asset amid economic uncertainty. The gold rally is driven by tariffs, interest rate cut expectations, and global economic slowdown fears.

【Analyst Opinions】

Analysts predict further upside potential for gold, citing supportive factors such as dollar weakness, tariff uncertainty, and recession fears. Ole Hansen notes a risk of correction, though buyer interest remains robust. FXTM's Lukman Otunuga highlights the psychological level of 3,300 USD, suggesting potential targets of 3,400 USD, 3,500 USD, or higher, barring profit-taking or trade progress.