Gold Near Highs, Can It Break Through Again?
Fundamentally, today's gold price movement is still dominated by expectations of a Fed interest rate cut and "risk-off" sentiment in global markets. Gold is currently hovering near a six-week high above $4,200 per troy ounce.
Sentiment for gold today and the next few sessions will depend heavily on two key factors: the movement of the US dollar and the release of key US economic data (especially employment and inflation data such as the ISM and core PCE). If these data confirm an economic slowdown and the dollar remains weak, gold could potentially maintain its uptrend as real yields decline and investors feel more comfortable holding safe-haven assets. Conversely, if the data comes out stronger than expected or the Fed signals a "wait-and-see" approach regarding further rate cuts, the market could reduce its aggressive rate cut bets, the dollar could strengthen again, and gold could be vulnerable to a correction from its current high.
Gold price at the time of this analysis was released was at $4,217
- Buy if the price is at $4,222
- Sell if the price is at $4,212
Resistance 2: $4,247
Resistance 1: $4,233
Support 1: $4,198
Support 2: $4,177
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
