Gold Prices Under Pressure, Fed Rate Hike Expectations Strengthen
Gold prices weakened and hovered around US$4,044 per troy ounce on Friday (July 24th), continuing pressure from the previous session. This decline occurred after a surge in oil prices due to the escalating Middle East conflict rekindled inflation concerns and strengthened expectations for a tighter Fed monetary policy.
Pressure on gold also came from the prospect of a US interest rate hike, with the market pricing in a 34% chance of a rate hike next week and a steadily increasing chance of a hike in September. (asd)
Gold price at the time of this analysis: $4,043
- Buy if the price moves to $4,052
- Sell if the price moves to $4,043
Resistance 2: $4,064
Resistance 1: $4,055
Support 1: $4,037
Support 2: $4,028
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