Gold Daily | Strong Dollar and Fed Outlook Weigh on Gold Amid Geopolitical Tensions and Market Analysis

【Latest Gold Price and Recent Trends】

Gold prices fell to $2,651.68 per ounce, after a rise due to Middle East tensions. A strong dollar and reduced Fed rate cut expectations are key pressures.

【Technical Analysis】

Gold faces resistance below $2,661.66, needing to maintain support above this for a bullish reversal. Immediate support is at $2,648.91, with potential declines to $2,643.26 and $2,634.93 if this breaks.

【Market Sentiment and Economic Background】

Gold remains appealing amid geopolitical risks, despite the strong dollar and limited Fed easing expectations. Traders focus on U.S. data, including ADP employment and nonfarm payrolls, for Fed guidance. Current economic indicators like JOLTS show robust labor market resilience, impacting dollar strength.

【Analyst Opinions】

Analysts suggest gold may hit recent highs if Middle East tensions escalate further. Long-term, real interest rate outlooks could influence gold prices. Analysts expect ETF inflow increases and central bank purchases to support gold's upward trend, potentially reaching $2,900 by early 2025. However, geopolitical tensions and Fed policy shifts could impact demand.