Gold Rebounds, But Remains "Higher for Longer"
Gold edged up after a three-day decline, driven by buying on weaker prices. Spot gold briefly rose 0.7% to around $4,573/oz, despite the Fed holding interest rates and hawkish dissent triggering a surge in the yield factor, which typically pressures non-yielding gold.
The main pressure remains from high oil prices and inflation risks, with Brent hovering around $120/barrel and gold still heading for its second monthly decline. However, there is a cushion from increased central bank purchases, so gold tends to move sideways: rising on dip-buying, but struggling to continue if USD/yield remains strong.
The Gold Price at the Time of This Analysis' Release Was at $4,573
- Buy if the price moves to $4,600
- Sell if the price moves to $4,550
Resistance 2: $4,633
Resistance 1: $4,615
Support 1: $4,535
Support 2: $4,515
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id