Gold Daily | Spot Gold Declines Amid Rising Dollar, Trade Uncertainties, and Weak Treasury Yields

【Latest Gold Price and Recent Trends】

As of Wednesday, spot gold is at $3421 per ounce, having declined over $10. This follows a recent peak of $3439 due to profit-taking and a rising dollar, continuing Tuesday’s climb driven by trade uncertainties and weak Treasury yields.

【Technical Analysis】

Gold has overcome the 23.6% Fibonacci retracement at $3377, staying above major SMAs. Despite a dip in RSI, it remains above the midpoint. Resistance appears minimal, with a potential target of $3500 upon breaking the $3440 barrier.

【Market Sentiment and Economic Background】

Gold's appeal as a safe haven is bolstered by trade uncertainties and a dip in U.S. Treasury yields. The upcoming tariff deadline set by President Trump has increased market tension, with potential retaliatory actions from the EU. This environment enhances the allure of gold, especially as the U.S. 10-year yield drops, making non-yielding assets more attractive. The dollar index's decline further supports gold prices.

【Analyst Opinions】

Analysts suggest a bullish outlook for gold, citing global trade uncertainty and policy interference as key drivers. With potential breakthroughs in U.S. trade agreements and focus on the Federal Reserve meeting, gold may maintain its strong performance. Analysts stress the importance of monitoring developments in trade talks and the Federal Reserve's policy signals for future gold price movements.