US-Iran Deal Hopes Boost Gold
Gold strengthened slightly on Tuesday morning (April 14th) in Asia, reaching around US$4,765/oz after two days of decline. The strengthening was driven by renewed signs of US-Iran negotiations, alleviating inflation concerns, coupled with a dollar drop of around 0.2%. Meanwhile, oil weakened, returning below US$100/barrel, and stocks rallied.
However, the market remains cautious as the US blockade of the Strait of Hormuz maintains the risk of energy supply disruptions and the oil risk premium. Remaining tight US interest rate expectations also limit gold's upside; money markets assess the chance of a Fed rate cut this year as still below 20%, and gold remains down around 10% since the conflict broke out in late February. (asd)
Gold Price at the Time of This Analysis' Release: $4,763
- Buy if the price moves to $4,773
- Sell if the price moves to $4,758
Resistance 2: $4,797
Resistance 1: $4,782
Support 1: $4,752
Support 2: $4,737
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id
