Gold Daily | Spot Gold Nears Record Highs Amid U.S. Shutdown and Global Political Instability

【Latest Gold Price and Recent Trends】

Gold has surged to nearly $4,000 per ounce, with recent highs around $3,967 per ounce. This rise is driven by political instability in the U.S., France, Japan, and the ongoing U.S. government shutdown, which has intensified demand for safe assets like gold.

【Technical Analysis】

Gold shows a strong bullish trend on the daily chart, trading near record highs at $3,970 per ounce. Momentum indicators are sharply upward, with the RSI around 84, signaling continued bullish sentiment. Gold remains above all moving averages, indicating robust upward momentum.

【Market Sentiment and Economic Background】

The U.S. government shutdown, continued political tensions in France and Japan, and expectations of further Fed rate cuts have strengthened gold prices, reinforcing its status as a safe haven. The dollar's depreciation fuels this trend, as investors seek alternatives to traditional fiat currencies. The shutdown is impacting economic output, lending uncertainty that further drives the move away from the dollar.

【Analyst Opinions】

Analysts forecast gold's bullish potential might push it towards $5,000 per ounce if the current momentum continues, resembling past bull markets. Despite the strong current rally, caution is advised due to overbought signals and potential medium-term corrections. Continued political instability and lower interest rates are expected to support gold's appeal as a safe haven. Analysts suggest maintaining gold holdings while monitoring for potential corrections.