Gold Daily | Spot Gold Hits Nearly 3-Month High Amid Dollar Weakness and Uncertain U.S. Policies

【Latest Gold Price and Recent Trends】

International gold prices reached a near three-month high on January 24, trading at around $2778 per ounce, marking a 0.6% increase. This comes amid U.S. President Trump's call for rate cuts and tariff policy uncertainties putting pressure on the dollar, making gold cheaper for overseas buyers.

【Technical Analysis】

From the daily chart, gold has surpassed the key resistance level of $2721, with buyers driving prices higher. In the 4-hour chart, a rising trend line defines the current bullish momentum. The 1-hour chart suggests that prices are nearing the daily volatility range's upper limit, and buying at this moment might not be wise.

【Market Sentiment and Economic Background】

The dollar index has dropped more than 1% this week, contributing to gold's rise. Trump's unclear tariff policies and calls for rate cuts have led to a dual benefit for gold as a safe haven asset. The Bank of Japan's rate hike further supports gold by weakening the dollar. Upcoming U.S. PMI data may affect the ongoing trend.

【Analyst Opinions】

Analysts suggest that as long as data does not point towards hawkish rate expectations, the bullish trend in gold is likely to continue. Trump's stance on immediate rate cuts and potential tariffs on imports from Europe, China, and other regions highlight gold's appeal as a hedge against volatility. Despite market reactions, the Federal Reserve is expected to keep interest rates unchanged. Analysts also pointed out that the current uncertainties and Trump's policies might keep gold and other markets in anticipation mode.