Gold Daily | Spot Gold Rebounds 0.44% Amid Weaker Dollar and Global Uncertainty; Range-Bound Movement Persists

【Latest Gold Price and Recent Trends】

Gold prices have seen a mild rebound amid a weaker dollar and heightened global uncertainty. Spot gold rose 0.44% to around $3353 per ounce, reversing a previous 1.1% drop.

【Technical Analysis】

Gold remains in a narrow range-bound pattern, signaling a lack of direction. Short-term support might emerge near $3300, while immediate resistance is at the $3352 region. A breakout above the upper range could indicate a bullish turn.

【Market Sentiment and Economic Background】

The dollar's strength and robust U.S. economic data have dampened gold's appeal, overshadowing its traditional role as a haven asset. Recent U.S. retail sales and employment figures suggest economic resilience, reducing the urgency for rate cuts. However, geopolitical tensions and ongoing trade uncertainties continue to support gold's demand as a safe asset.

【Analyst Opinions】

Analysts remain conflicted due to the macroeconomic environment. The strong dollar and economic data pose challenges for gold's upward momentum. Yet, potential shifts in Fed policy, coupled with geopolitical risks, could provide upside potential. Some experts highlight that investor interest is shifting towards silver, platinum, and palladium due to their industrial use and growth prospects compared to gold's defensive appeal.