Gold Daily | Spot Gold Near $2,660 as Geopolitical Tensions and Dollar Decline Support Resilience
Saturday, Jan 4, 2025 7:01 am ET
1min read 【Latest Gold Price and Recent Trends】
On Friday, spot gold prices are near $2,660 per ounce. Recently, gold has shown resilience, supported by geopolitical tensions and a declining dollar. Expectations of continued central bank gold purchases in 2025 may push prices to new highs.
【Technical Analysis】
Gold is currently trading within a symmetrical triangle, indicating potential for a bullish breakout. The price is near the 50-day moving average with a bullish RSI, suggesting momentum for an upward trend. Key levels to watch are the support at $2,580 and resistance at $2,720 per ounce.
【Market Sentiment and Economic Background】
The gold market is influenced by a strong dollar and geopolitical tensions, including conflicts in Gaza and Ukraine. The U.S. PMI data, expected later, could impact gold if it affects the dollar's strength. The anticipation around Trump's policies on tariffs and tax cuts may increase inflation expectations, benefiting gold as a hedge.
【Analyst Opinions】
Analysts suggest that gold's outlook remains positive due to its role as a hedge against economic and geopolitical uncertainty. The market is also watching for the U.S. non-farm payroll data and further details on Trump's policies, which may support gold's strength if they raise inflation expectations. However, a strong dollar could limit gold's upside potential.
On Friday, spot gold prices are near $2,660 per ounce. Recently, gold has shown resilience, supported by geopolitical tensions and a declining dollar. Expectations of continued central bank gold purchases in 2025 may push prices to new highs.
【Technical Analysis】
Gold is currently trading within a symmetrical triangle, indicating potential for a bullish breakout. The price is near the 50-day moving average with a bullish RSI, suggesting momentum for an upward trend. Key levels to watch are the support at $2,580 and resistance at $2,720 per ounce.
【Market Sentiment and Economic Background】
The gold market is influenced by a strong dollar and geopolitical tensions, including conflicts in Gaza and Ukraine. The U.S. PMI data, expected later, could impact gold if it affects the dollar's strength. The anticipation around Trump's policies on tariffs and tax cuts may increase inflation expectations, benefiting gold as a hedge.
【Analyst Opinions】
Analysts suggest that gold's outlook remains positive due to its role as a hedge against economic and geopolitical uncertainty. The market is also watching for the U.S. non-farm payroll data and further details on Trump's policies, which may support gold's strength if they raise inflation expectations. However, a strong dollar could limit gold's upside potential.
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