Gold Daily | Spot Gold Dips 0.4% Amid Strong Dollar, Market Awaits U.S. Economic Data and Fed News

【Latest Gold Price and Recent Trends】

As of the latest report, spot gold has slightly declined to around $3,365, down 0.4% after hitting a two-week high of $3,390 the previous day. The price is affected by a slightly stronger dollar and market anticipation regarding U.S. Federal Reserve appointments.

【Technical Analysis】

Gold continues to rise in the daily chart, driven by recent employment data, approaching key resistance at $3,438. Bears may enter if gold reaches this level with a target of $3,245. On the 4-hour chart, gold is consolidating between $3,349 and $3,385. Bulls aim for a breakout above $3,385, while bears target below $3,349.

【Market Sentiment and Economic Background】

The market is observing mixed forces on gold prices. While weak U.S. employment data has increased expectations for a rate cut in September, benefiting gold, the dollar remains resilient. Investors are awaiting catalysts like U.S. initial jobless claims and CPI data to drive gold direction. Meanwhile, strong Chinese demand is influencing the futures market, reflecting economic uncertainty and geopolitical tensions.

【Analyst Opinions】

Analysts suggest that while gold trends are upward due to lower real rate expectations, short-term corrections are possible if the market adopts a hawkish stance. WisdomTree projects gold may reach $3,850/oz by mid-2026 under a consensus scenario, potentially rising to $4,475/oz in a bullish scenario. Political tensions and policy shifts are contributing to gold’s appeal, reinforcing its safety and store of value role.