Gold Ready to Hit Another Record?
Gold prices (XAU/USD) remain high and stable after a strong rally. Gold traded around $4,610 in the Asian trading session. Buying interest remains strong as the market continues to seek safe havens amid geopolitical risks, while expectations of a US interest rate cut this year keep gold attractive despite the lack of balanced yields.
Going forward, gold's direction will be largely determined by the movement of the US dollar and US government bond yields. If the dollar weakens and yields fall, gold will likely test its previous peak again. However, if yields rise sharply again, gold is likely to be vulnerable to consolidation or a short-term correction before determining its next direction.
The gold price at the time of this analysis was $4,610
- Buy if the price is at $4,618
- Sell if the price is at $4,583
Resistance 2: $4,668
Resistance 1: $4,634
Support 1: $4,566
Support 2: $4,532
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