Gold Strengthens in European Session, US CPI Leading the Way
Gold strengthened slightly in the European session after a sharp sell-off earlier, driven by bargain hunting from a one-week low. Despite the rise, prices remained stuck below US$5,000/oz, indicating that buying interest exists but is not yet strong enough to completely reverse sentiment.
From a fundamental perspective, gold's gains remain fragile as the market awaits the release of US inflation (CPI), which will reshape expectations regarding the Fed's interest rate path. Strong US labor data previously dampened the chances of an imminent interest rate cut (which typically supports the dollar/yields and limits gold's gains), so gold's movements in the European session remain highly data-dependent ahead of the CPI.
The gold price at the time of this analysis is $4,976
- Buy if the price moves below $4,981
- Sell if the price moves below $4,971
Resistance 2: $4,991
Resistance 1: $4,986
Support 1: $4,966
Support 2: $4,961
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
