Gold Prices Weaken, Inflation Concerns Rise Again
Newsmaker.id - Gold prices weakened in European trading on Thursday (July 23rd), after previously touching a two-week high. Spot gold prices fell around 0.6% to around US$4,103 per troy ounce, while US gold futures for August delivery weakened around 1.1% to US$4,106. This decline reflects a correction following the sharp rally in previous trading.
Pressure on gold came primarily from rising oil prices due to escalating tensions in the Middle East. The surge in energy prices has raised concerns that US inflation could rise again, narrowing the scope for the Federal Reserve to cut interest rates in the near future. The market is even beginning to consider the possibility of a tighter interest rate policy if inflationary pressures persist.
Gold price at the time of this analysis: $4,091
- Buy if price moves to $4,080
- Sell if price moves to $4,100
Resistance 2: $4,115
Resistance 1: $4,105
Support 1: $4,075
Support 2: $4,063
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id