Gold Under Pressure Due to the Fed's Hawkish Response
Gold prices weakened again and are poised for a third consecutive weekly decline. The main pressure comes from the Federal Reserve's hawkish stance, which has reopened the possibility of an interest rate hike this year. On Friday (June 19th), gold fell as much as 2.1% to around US$4,122 per ounce, while the strengthening US dollar added to the pressure by making gold more expensive for holders of other currencies.
Market sentiment suggests that the temporary peace between the US and Iran and the reopening of the Strait of Hormuz could ease global concerns. However, the market is currently more focused on the direction of the Fed's policy. (asd)
Gold Price at the Time of This Analysis' Release: $4,156
- Buy if the price moves to $4,154
- Sell if the price moves to $4,136
Resistance 2: $4,179
Resistance 1: $4,161
Support 1: $4,125
Support 2: $4,107
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