Market Analyst: Gold Strengthens, Warsh Comments Dampen Risk of Rate Hike
Gold prices, or XAU/USD, strengthened for the second consecutive day after comments by Federal Reserve Chairman Kevin Warsh dampened speculation of a US interest rate hike this year. Gold briefly rose to around US$4,080 per ounce, as the market deemed Warsh's tone less hawkish than feared.
From a market analyst perspective, sentiment on gold remains positive, but gains are limited by the US dollar and persistently high Treasury yields. Market focus is now on US payroll data to gauge the Fed's next policy direction. (asd)
Gold Price at the Time of This Analysis: $4,065
- Buy if the price moves to $4,079
- Sell if the price moves to $4,065
Resistance 2: $4,100
Resistance 1: $4,086
Support 1: $4,058
Support 2: $4,044
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