Gold Breaks Record
Gold prices rose to a record high after weaker-than-expected US employment data convinced the market that the Fed would continue to cut interest rates. Gold briefly reached around $4,564/oz on Monday morning, as expectations of at least two more rate cuts this year remained strong, a situation that typically benefits gold, as it pays no interest.
At the same time, deadly protests in Iran increased demand for safe-haven assets, as the risk of political turmoil and its impact on geopolitics and the oil market increased. Silver also strengthened, nearing a record high, while platinum and palladium rose. The market also awaited further decisions on Trump's tariffs pending before the US Supreme Court, which could trigger further volatility.
The gold price at the time of this analysis was $4,583
- Buy if the price is at $4,604
- Sell if the price is at $4,553
Resistance 2: $4,672
Resistance 1: $4,621
Support 1: $4,519
Support 2: $4,468
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
