Gold Daily | Spot Gold Steady Amid Strong Dollar, Trade Tensions; Analysts Eye $3000 Potential

【Latest Gold Price and Recent Trends】

The latest spot gold price is around $2824 per ounce, showing a slight increase from previous levels. The gold market remains volatile due to a strong US dollar, trade tensions, and geopolitical uncertainties. Gold recently reached historical highs on the back of safe-haven demand.

【Technical Analysis】

Gold prices show a potential upward trend, with resistance at $2850 and support around $2800. There’s a possibility of a pullback if prices fall below $2810. The 50-day and 100-day SMAs indicate a bullish crossover, suggesting further gains if the bullish momentum holds.

【Market Sentiment and Economic Background】

The market is currently reacting to trade tensions due to tariffs announced by the US on Canada, Mexico, and China, which have increased inflationary pressures and economic growth concerns. There is a significant move towards safe-haven assets like gold amid these uncertainties. Meanwhile, global de-dollarization trends and geopolitical tensions, particularly in Ukraine and the Middle East, continue to drive central bank purchases of gold.

【Analyst Opinions】

Analysts anticipate continued upward momentum for gold, potentially reaching $3000 per ounce if the trade conflict persists. The gold market is seen as a hedge against the inflation and economic stagnation expected from tariff impacts. Market participants are also closely watching upcoming US economic data, which may influence Federal Reserve policy and subsequently affect gold prices.