Gold Daily | Resilient Gold Holds Amid Strong Dollar; Eyes on Fed, Geopolitical Tensions Boost Demand

【Latest Gold Price and Recent Trends】

Gold prices remain stable around $2650, facing pressure from a strong dollar. Despite this, gold shows resilience, with investors awaiting further Fed guidance on interest rate cuts.

【Technical Analysis】

Gold is testing support at $2635 with potential for a bullish trend if it holds. Resistance levels are at $2656.86 and $2665.47. A break below $2635 could trigger a bearish move.

【Market Sentiment and Economic Background】

The strong US economy and slightly higher-than-expected inflation have reduced expectations for aggressive Fed rate cuts, supporting the dollar. Geopolitical tensions in the Middle East, involving Israel and Iran, heighten demand for gold as a safe haven, despite potential easing of tensions. Central banks continue to be active gold buyers, diversifying reserves amid financial and strategic concerns.

【Analyst Opinions】

Analysts note gold's surprising resilience against a strong dollar. Expectations of a Fed rate cut in November support gold, with potential for prices to reach $2800 by year-end. Geopolitical risks may limit deeper sell-offs. Despite current corrections, analysts foresee further price increases, targeting $2700 and $2745 in the short term. Central banks' gold acquisitions and geopolitical tensions play key roles in driving prices.