Is Gold Ready for a Breakout or a Reversal?
Gold is holding steady around $5,180/oz after rising nearly 6% in six sessions, supported by Middle East tensions and US tariffs. New US sanctions on several Iran-linked entities, coupled with Trump's tariff agenda (the 15% tariff plan "if appropriate"), are keeping the market cautious ahead of Thursday's US-Iran talks in Geneva.
From a market perspective, the gold price bias remains strong as long as geopolitical risks and trade uncertainty persist, especially as the dollar weakens. However, volatility remains high, as the outcome of the US-Iran talks and the details of the 15% tariffs will be the trigger: a breakout upwards if tensions escalate, or a correction if there are signs of de-escalation (asd).
The gold price at the time of this analysis was $5,184
- Buy if the price moves within the $5,194 range
- Sell if the price moves within the $5,174 range
Resistance 2: $5,214
Resistance 1: $5,204
Support 1: $5,164
Support 2: $5,154
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
