Gold Daily | Spot Gold Steady Amidst Fed Rate Cut Expectations and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

As of now, spot gold is trading around $3357, experiencing slight fluctuations. Despite the minor drop due to a stronger dollar, expectations of a Fed rate cut in September have limited the decline, with a 99% likelihood of such an event.

【Technical Analysis】

Gold is trading within a range, with key resistance at $3380 and support at $3349. The price is expected to fluctuate within this range until a breakout occurs. Indicators suggest a minor bullish momentum, supported by a rising trend line in short-term charts.

【Market Sentiment and Economic Background】

Market participants are closely monitoring upcoming U.S. economic data, including PPI and jobless claims, for clues on Fed policy. The Fed's potential rate cuts are driving market sentiment, with the expectation of a 25 basis point cut being almost certain. The geopolitical landscape, including U.S.-Russia talks, also plays a role in gold's appeal as a safe-haven asset.

【Analyst Opinions】

Analysts suggest that recent gold price movements are mainly influenced by the Fed's anticipated rate cuts and geopolitical tensions. They believe that a decrease in borrowing costs and yields will continue to support gold prices. If economic data remains weak, it could further bolster expectations of aggressive rate cuts, possibly increasing gold's attractiveness.