Gold Daily | Spot Gold Holds Above $3297 Amid Easing US-China Tensions and Economic Concerns

【Latest Gold Price and Recent Trends】

The latest spot gold price is $3316.29 per ounce, with a recent minor decrease of 0.2%. Gold experienced a sudden surge recently. Key support is at $3297, with potential resistance at $3350.

【Technical Analysis】

Analysts indicate that as long as gold maintains above $3297, its short-term technical outlook remains unchanged. The 21-day SMA and 38.2% Fibonacci retracement are critical support levels. A close below this could challenge the 50-day SMA at $3262. On the upside, $3350 presents significant resistance, with further targets at $3377 and $3439.

【Market Sentiment and Economic Background】

Gold's attractiveness might diminish due to easing tensions between the U.S. and China, highlighted by recent trade talks in London. Both sides showed willingness to compromise, impacting gold's safe-haven appeal. Investors are also eyeing upcoming U.S. CPI data, which could influence gold prices depending on inflation trends. Furthermore, the dollar’s minor weakening and the decline in U.S. Treasury yields provide some support for gold.

【Analyst Opinions】

Robert Kiyosaki has expressed concerns about a potential economic collapse, urging a shift to gold, silver, and Bitcoin as alternatives due to diminishing trust in fiat currencies. He emphasizes that central banks' inflation policies are undermining traditional currency values, advocating for gold as 'God's money' and Bitcoin as 'people's money'. Meanwhile, TD Securities notes that while positive U.S.-China trade developments could pressure gold, the weaker economy and rising rate cut expectations support gold investment.