Ready to Break a Record or Fall into a Profit-Taking Trap?
Gold prices strengthened and returned above $4,620 per ounce, reflecting continued solid buying interest despite the high price range. This strengthening was primarily driven by expectations of a US interest rate cut, as inflation data showed core price pressures were beginning to ease. This situation makes gold increasingly attractive because the opportunity cost of holding non-yielding assets is lower.
On the other hand, safe-haven demand is supporting prices due to increasing uncertainty, both surrounding the Fed's independence issue and geopolitical risks related to Iran. The combination of rate cut hopes and hedging sentiment gives gold room to challenge record highs, although potential volatility and profit-taking remain a concern. (az)
The price of gold at the time of this analysis was $4,620
- Buy if the price is at $4,627
- Sell if the price is at $4,613
Resistance 2: $4,641
Resistance 1: $4,634
Support 1: $4,606
Support 2: $4,599
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
