Gold Rebounds Amid Escalation, Here's the Details!
Gold rebounded after three consecutive sessions of decline, as demand for safe-haven assets rebounded amid geopolitical risks. Sentiment was boosted by an Axios report that US President Donald Trump would receive a briefing on new military options regarding Iran, with US Central Command Chief Admiral Brad Cooper scheduled to brief on Thursday.
At 9:58 a.m. in London, spot gold rose 1.5% to US$4,616.42 per ounce after strengthening as much as 1.8% and returning to trading above US$4,600, following a 3.4% decline in the previous three sessions. This movement coincided with an oil rally, with crude prices hitting a four-year high of US$126 per barrel, as the market assessed the prospect of an escalation in the Middle East conflict. (gn)
Gold Price at the Time of Release of This Analysis is at $4,629
- Buy if the price moves to $4,631
- Sell if the price moves to $4,599
Resistance 2: $4,678
Resistance 1: $4,646
Support 1: $4,582
Support 2: $4,550
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id