Gold Daily | Spot Gold Rises to $2,902 as Weak Dollar and Central Bank Buying Sustain Uptrend

【Latest Gold Price and Recent Trends】

Spot gold is currently trading at around $2,902 per ounce, having risen by 0.7% following weak U.S. retail sales data that weakened the U.S. dollar. The gold price has been on an upward trend for seven consecutive weeks, supported by expectations of U.S. Fed rate cuts, lower Treasury yields, and strong central bank buying.

【Technical Analysis】

Gold remains in a strong uptrend despite short-term corrections. The RSI has retreated from overbought levels, indicating potential for further upside. Key resistance is seen at $2,942; a break could lead to further gains. Support levels are identified at $2,885 and $2,850.

【Market Sentiment and Economic Background】

The gold market benefits from a weak U.S. dollar, driven by poor retail sales and Fed rate cut expectations. Trade tensions and geopolitical risks, such as U.S.-Russia talks on the Ukraine conflict, continue to influence sentiment. Gold's status as a safe haven asset is reinforced by these uncertainties, encouraging investor inflows.

【Analyst Opinions】

OANDA's Kelvin Wong suggests that gold is supported by dollar weakness and tariff policy uncertainty under Trump. KCM Trad’s Tim Waterer notes that U.S.-Russia talks may reduce risk appetite, potentially affecting gold’s momentum. Peter Schiff highlights ongoing central bank purchases as a key support for gold, and warns of potential stagflation affecting markets. Analysts suggest keeping an eye on geopolitical events and Fed policies to anticipate future gold price movements.