Gold Rises Amid Global Uncertainty
Gold prices rose on Friday (March 6th) as the market sought safe-haven assets again amid the escalating Middle East conflict. However, gold's gains were still overshadowed by macroeconomic factors.
The weakening US dollar provided room for bullion to rise, making it cheaper for non-dollar buyers. However, rising energy prices due to the war also fueled inflation concerns and dampened expectations of an imminent Fed interest rate cut. This combination kept gold's price volatility buoyed by hedging demand but restrained by the prospect of prolonged high interest rates.
The gold price at the time of this analysis's release was at $5,103.
- Buy if the price moves to $5,119.
- Sell if the price moves to $5,091.
Resistance 2: $5,163.
Resistance 1: $5,135.
Support 1: $5,079.
Support 2: $5,051.
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. (alg)
Source: Newsmaker.id