Gold Ready to Explode Again?
Gold (XAU/USD) maintained its intraday gains near a one-and-a-half-week high reached in the Asian session, supported by dovish expectations from the Fed. The latest US data showed inflation is starting to ease, while comments from several Fed officials supporting further easing pushed the US dollar to a one-week low. This provided additional support for non-yielding gold, keeping its outlook positive.
However, global risk appetite has also increased due to the prospect of lower US interest rates and hopes for progress in Russia-Ukraine peace talks, which has limited interest in safe-haven assets like gold. Nevertheless, fundamentals still point to further upside for XAU/USD, with the market awaiting the release of the next US economic data to trigger new movements in the North American session.
The price of gold at the time of this analysis was $4,161.
- Buy if the price moves within $4,168.
- Sell if the price moves within $4,152.
Resistance 2: $4,191.
Resistance 1: $4,175.
Support 1: $4,143.
Support 2: $4,127.
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
