Gold Held Back by Two Fires: Buy or Sell?
Today, gold tends to be supported by two main engines: expectations that the Fed will be more dovish after weak US data, and still-strong safe-haven demand. Flat US retail sales in December further reinforced the narrative of slowing consumption, making the market increasingly serious about pricing in the possibility of an interest rate cut—a situation that is usually positive for gold because it offers no yield. On the other hand, the market is also in wait-and-see mode ahead of the release of the pending jobs report and the CPI, so gold's movement today could see slight fluctuations as many traders re-position before the big data release.
From a risk perspective, Middle East geopolitics (US-Iran) remains a barrier preventing gold from falling. Every headline about Hormuz or escalation usually quickly triggers safe-haven bids. Additional structural support comes from central bank purchases, particularly from China, which reported continued purchases. The gold price at the time of this analysis is $5,040.(asd)
- Buy if the price moves below $5,058
- Sell if the price moves below $5,035
Resistance 2: $5,069
Resistance 1: $5,061
Support 1: $5,029
Support 2: $5,021
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
