Gold Under Pressure, Market Holds Breath!
Gold held around $4,731 ahead of the release of US inflation data for April, with the market awaiting signs of renewed price pressures amid high energy costs. A higher CPI tends to strengthen expectations of higher, longer-term interest rates, which typically supports the dollar and bond yields, thus limiting gold's upside.
On the other hand, geopolitical tensions maintain a hedge against gold, so weakness tends to be contained even if the dollar strengthens. The analysis now focuses on the combination of CPI direction (headline and core), dollar movements, and the results, which will determine whether gold is able to retest higher levels or remain limited. (asd)
Gold Price at the Time of This Analysis' Release: $4,731
- Buy if the price moves to $4,760
- Sell if the price moves to $4,707
Resistance 2: $4,846
Resistance 1: $4,793
Support 1: $4,687
Support 2: $4,634
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
