Gold Daily | Spot Gold Nears $3,000 Amid Trade War Fears and Fed Rate Cut Expectations

【Latest Gold Price and Recent Trends】

Gold surged to a record high, nearing $3,000 per ounce due to trade war fears and expectations of Federal Reserve rate cuts. Spot gold rose 0.2% to around $2,995, after hitting a peak of $2,999.35.

【Technical Analysis】

Gold sees resistance near $3,000 but remains bullish after surpassing previous highs. The RSI suggests potential short-term consolidation, with key support at $2,928-$2,930 per ounce. A break below this may trigger further declines, potentially towards $2,880 per ounce.

【Market Sentiment and Economic Background】

The trade war between the US and the EU, fueled by Trump's tariff threats, has increased economic uncertainty, benefiting gold's safe-haven appeal. Improved global risk sentiment could limit gold's gains, as traders anticipate inflation data and the upcoming FOMC meeting.

【Analyst Opinions】

Macquarie predicts gold could reach $3,500 per ounce in the third quarter due to geopolitical tensions, while BNP Paribas sees it exceeding $3,100. Analysts caution about potential overvaluation and suggest careful investment strategies. Central bank purchases and ETF demand remain strong, supporting gold's upward trend.