Gold Under Pressure, Markets Hold Their Breath
Gold weakened as the dollar strengthened and markets returned to cautious mode following the US-Iran diplomatic deadlock. Energy and geopolitical risks continue to support hedging interests, but expectations of prolonged high interest rates continue to pressure non-yielding assets like gold.
Today's main focus shifts to the upcoming release of US inflation data, as it will determine whether the market extends the "higher rates for longer" narrative or begins to open up room for easing. Strong inflation tends to support the dollar and weigh on gold, while more benign inflation could provide room for gold to recover if geopolitical tensions persist. (asd)
Gold Price at the Time of This Analysis' Release: $4,693
- Buy if the price moves to $4,701
- Sell if the price moves to $4,687
Resistance 2: $4,722
Resistance 1: $4,715
Support 1: $4,678
Support 2: $4,669
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
