Gold Daily | Spot Gold Hits Historic High Amid US-China Tensions and Weak Dollar, Eyes $3,250 Resistance

【Latest Gold Price and Recent Trends】

Spot gold increased by over 1.5%, reaching $3,223, after briefly hitting a historic high of $3,230. The price has risen over 5% this week, driven by a weakening dollar, rising economic worries, and trade tensions between the US and China.

【Technical Analysis】

Gold prices surged to a historic high, with the RSI indicating potential for further gains. Resistance is at $3,250 and support at $3,200. A break above $3,250 could trigger a new upward trend.

【Market Sentiment and Economic Background】

Amid escalating US-China trade tensions, China's announcement of a 125% tariff on US goods fuels economic concerns. The US dollar remains weak, making gold cheaper for overseas buyers, spurring increased demand. The global market is reacting to fears of an economic downturn, driving funds into safe-haven assets like gold.

【Analyst Opinions】

Analysts highlight gold's renewed appeal as a safe haven, with central banks purchasing gold and continued ETF inflows supporting prices. The market anticipates potential Fed rate cuts, which could further drive gold prices higher. Giovanni Staunovo from UBS sees potential for gold to reach $3,400-$3,500 in the coming months, while Alex Ebkarian of Allegiance Gold notes central bank purchases and ETF inflows as key drivers maintaining gold's upward momentum.