CPI Under All Eyes, Gold Freezes!
Gold prices held around US$4,028 after falling sharply ahead of the European session on Tuesday (July 14th). Pressure came from the Middle East conflict, the US blockade of Iran, and the surge in oil prices, which has rekindled inflation concerns.
The Fed's comments opening the door to an interest rate hike further weighed on gold. Market focus is now on the US CPI data and Kevin Warsh's testimony. If inflation flares up, gold could come under further pressure, but the US$4,000 area remains a key level to maintain. (asd)
Gold Price at the Time of This Analysis' Release: $4,028
- Buy if the price moves to $4,035
- Sell if the price moves to $4,022
Resistance 2: $4,047
Resistance 1: $4,041
Support 1: $4,016
Support 2: $4,008
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