Global Uncertainty Drives Gold Strength
Global gold prices have strengthened again above key levels, driven by fundamental factors that are now increasingly supporting demand for the precious metal. A weaker US dollar makes gold cheaper for buyers based in other currencies.
Meanwhile, market participants await the release of key US economic data that could strengthen expectations of a Fed interest rate cut—a historically favorable environment for non-yielding assets like gold, as it depresses real yields and increases the metal's appeal as a hedge against market and inflation risks.
Oil price at the time of this analysis is $5,020
- Buy if the price moves below $5,035
- Sell if the price moves below $5,009
Resistance 2: $5,076
Resistance 1: $5,050
Support 1: $4,998
Support 2: $4,972
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id