Gold Daily | Spot Gold Rises 0.3% Amid Weaker Dollar, Trade Tensions, and Technical Recovery

【Latest Gold Price and Recent Trends】

On Thursday, international gold prices edged up, supported by a slight decline in the US dollar and treasury yields. Spot gold rose 0.3% to $3,320, stabilizing due to the weaker dollar, falling bond yields, and renewed trade war concerns.

【Technical Analysis】

Despite a brief dip, gold prices managed to reclaim the 38.2% Fibonacci retracement level at $3,297. The 14-day RSI shows some recovery but remains below the midline, indicating insufficient bullish momentum. A sustained break above the 50-day SMA at $3,323 is needed for a meaningful rebound toward the 21-day SMA at $3,346. Conversely, a failure at the 50-day SMA could lead to a retest of the support at $3,297 and potentially down to $3,248.

【Market Sentiment and Economic Background】

Trade tensions remain a key factor, with President Trump's tariff announcements affecting market dynamics. The market is focused on trade negotiations and economic data. The Federal Reserve's recent minutes show hesitance towards an immediate rate cut, with most officials cautious due to inflation concerns from tariffs. The dollar's strength and high treasury yields are pressuring gold, but geopolitical uncertainties provide support. The IMF reports stable global dollar reserves, while central banks' gold purchases support long-term gold prices.

【Analyst Opinions】

Matt Simpson from City Index notes a "tariff fatigue" with reduced market impact from tariff news, suggesting traders need new catalysts to rekindle volatility. Phillip Streible from Blue Line Futures highlights the supportive role of gold as a safe haven amid fiscal concerns and trade uncertainties, despite short-term limitations from a stronger dollar. He suggests that geopolitical and policy uncertainties will continue to provide underlying support for gold.