Gold Holds at US$4,000, Fed and Hormuz Determine Direction!
Gold prices held steady above US$4,000 per troy ounce on Wednesday (July 1st), as the market monitored US-Iran peace talks and the Fed's interest rate direction. Spot gold was trading at around US$4,006.73 after weakening nearly 2% in the last two sessions, pressured by expectations of a hawkish Fed stance.
Market analysts consider the US$4,000 level to be an important psychological support level. If gold can break through US$4,100, the opportunity for a short-term rebound opens up. However, a strengthening US dollar and the possibility of an interest rate hike still pose a risk of further pressure on gold prices. (asd)
Gold Price at the Time of This Analysis' Release: $3,976
- Buy if the price moves to $4,005
- Sell if the price moves to $3,989
Resistance 2: $4,031
Resistance 1: $4,015
Support 1: $3,983
Support 2: $3,967
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