Gold Weakens for Third Straight Day, US-Iran Conflict Triggers New Pressure
Gold prices weakened again for the third day after the United States launched new attacks on several targets in Iran. While Middle East conflicts typically boost demand for safe havens, this time the market focused on the risk of energy inflation due to disruptions to supply routes through the Strait of Hormuz. Spot gold briefly fell to near US$4,024/oz before paring losses to around US$4,062.76/oz.
Pressure on gold intensified as US inflation resurfaced, with the May CPI rising 0.5% month-on-month and 4.2% year-on-year. This condition reinforced expectations that global central banks, including the Fed, could maintain high interest rates for longer. Technically, gold also appeared vulnerable after falling below the US$4,100/oz area and its 200-day moving average, triggering additional selling from market participants. (asd)
Gold Price at the Time of This Analysis' Release: $4,110
- Buy if the price moves to $4,089
- Sell if the price moves to $4,048
Resistance 2: $4,144
Resistance 1: $4,103
Support 1: $4,021
Support 2: $3,980
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
