Gold Soars! Amid Geopolitics and Fed Speculation
Gold prices have rallied again as investors seek refuge amid global uncertainty. The main factors driving the rally are geopolitical concerns, including deadly protests in Iran and tensions between Tehran and the United States. This has increased gold's demand as a safe-haven asset, while currencies and stock markets have become more volatile.
In addition to geopolitical factors, expectations of a Federal Reserve (Fed) interest rate cut have also supported gold prices. The latest US jobs data showed lower-than-expected job growth, raising speculation that the Fed will cut interest rates to stimulate the economy. This combination of factors keeps investors seeking gold to protect their wealth. (alg)
The price of gold at the time of this analysis was $4,595
- Buy if the price is at $4,602
- Sell if the price is at $4,581
Resistance 2: $4,616
Resistance 1: $4,609
Support 1: $4,574
Support 2: $4,467
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