Gold Makes History, Markets Seek Safety
Gold broke through $5,000/oz for the first time, continuing its rally after an 8.5% rally last week. The main driver: a weakening dollar (the Bloomberg Dollar Spot Index fell 1.6%, its worst since May), making gold cheaper for global buyers. In Asia, gold rose 0.8% to $5,029.05 at 7:22 a.m. Singapore.
The fundamentals remain risk-off: investors are fleeing currencies and bonds due to geopolitical/policy uncertainty. Gold has doubled in two years and is up 15% year-to-date; the next catalyst remains expectations of the Fed's direction (potentially more dovish), which supports the non-yielding metal, with the risk of profit-taking if the headlines subside.
The gold price at the time of this analysis was $5,070
- Buy if the price is at $5,082
- Sell if the price is at $5,058
Resistance 2: $5,105
Resistance 1: $5,096
Support 1: $5,042
Support 2: $5,026
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