Gold Daily | Strong U.S. Economy Pressures Gold Despite Slight Rise; Safe-Haven Demand Remains

【Latest Gold Price and Recent Trends】

Gold prices have slightly risen to around $3,353, marking a 0.44% increase. Despite this, recent strong U.S. economic data has led to a 0.2% weekly decline. The U.S. dollar's strength continues to pressure gold prices.

【Technical Analysis】

Gold prices are showing limited bullish potential, currently hovering around $3,337. If prices break below the key support at $3,311, further declines towards $3,295 are possible. Resistance levels stand at $3,350 and $3,374, with a potential rise to $3,390.

【Market Sentiment and Economic Background】

Robust U.S. economic data, such as better-than-expected retail sales and lower unemployment claims, have reduced the urgency for Fed rate cuts, pressuring gold. Despite trade uncertainties and geopolitical tensions, demand for gold remains supported as a safe-haven asset. The Fed's independence is a concern, but strong economic indicators limit gold's upward movement. Platinum and palladium have seen significant increases due to supply concerns and strong industrial demand.

【Analyst Opinions】

Adrian Ash from BullionVault suggests gold's long-term uptrend remains supported by central bank purchases, though short-term increases are limited without new policy changes. Giovanni Staunovo from UBS notes ongoing concerns about Fed independence but sees strong U.S. data as a limiting factor for gold prices. Despite these pressures, trade uncertainties and geopolitical tensions continue to support gold as a safe-haven asset.