Gold Daily | Spot Gold Near Record High Amid Economic Data Impact and Consolidation Trends

【Latest Gold Price and Recent Trends】

As of today, spot gold is priced at 3,749.24 USD, up 1.9% from the start of the week, after reaching an all-time high of 3,790.82 USD. Strong U.S. GDP data has tempered expectations for further rate cuts by the Fed.

【Technical Analysis】

On the daily chart, gold is undergoing consolidation due to rising yields and a stronger dollar. Buyers might enter near the main trendline for risk-reward setups, while sellers could push prices towards the 3,120 level upon downward breakout. The 4-hour chart shows a minor upward trendline, suggesting a bullish momentum within this timeframe. A price pullback to this trendline might attract buyers aiming for new highs, whereas sellers might target a drop to 3,627. On the 1-hour chart, consolidation is observed with a minor bearish trendline. Sellers may push for lower prices, while buyers aim for a breakout above 3,761.

【Market Sentiment and Economic Background】

The U.S. economic data, including stronger-than-expected GDP and lower initial jobless claims, has reduced the likelihood of rate cuts. Current inflation data, particularly the PCE price index, is awaited as it could influence Fed decisions and impact gold's performance. The market anticipates a PCE inflation rise of 2.7% year-over-year. U.S. fiscal and geopolitical factors continue to underpin safe-haven demand for gold.

【Analyst Opinions】

According to analysts like Han Tan and Peter Grant, inflation data exceeding expectations might strengthen the dollar and pressure gold. Meanwhile, technical analysts highlight gold’s overbought status, suggesting caution as potential corrections loom. Despite these short-term risks, long-term bullish factors include central banks' gold purchases and a weaker dollar. Some predict gold could reach 5,000 USD by 2025, driven by ongoing macroeconomic trends.