Gold surges on safe-haven demand and rate cut hopes
Gold prices (XAU/USD) rose to an all-time high. The precious metal gained momentum on expectations of a US Federal Reserve (Fed) interest rate cut following signs of lower US inflation and a weaker jobs report.
Lower interest rates can reduce the opportunity cost of holding gold, supporting the non-yielding precious metal.
Furthermore, persistent safe-haven demand amid the Israel-Iran conflict and escalating US-Venezuela tensions may have contributed to the rise in gold prices.
The gold price at the time of this analysis was released was at $4,409.
- Buy if the price is at $4,405.
- Sell if the price is at $4,415.
Resistance 2: $4,425.
Resistance 1: $4,418.
Support 1: $4,400.
Support 2: $4,393.
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