Gold Steady, Market Monitors Geopolitics Between US and Iran
Gold prices held steady around US$4,600/ounce after posting a second weekly decline, as the market monitored developments in US-Iran peace talks and President Donald Trump's plan to help guide some ships through the Strait of Hormuz starting Monday, as well as his statement regarding what he considered positive discussions with Tehran.
However, sentiment remained subdued, as Trump also hinted that Iran's latest proposal might not meet Washington's demands. The conflict has kept energy prices high and dampened hopes for interest rate cuts, which poses a challenge for gold as it offers no yield. Since the war began in late February, gold has fallen about 12%, although a weaker US dollar has provided some cushion. (asd)
Gold Price at the Time of Release of This Analysis is at $4,606
- Buy if the price moves to $4,618
- Sell if the price moves to $4,603
Resistance 2: $4,639
Resistance 1: $4,624
Support 1: $4,594
Support 2: $4,579
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id