Is Gold Poised to Break Through US$4,500?
Gold prices strengthened ahead of the European session, trading around US$4,272 per troy ounce at the time of writing—nearing a seven-week high. The metal is supported by a weakening US dollar, falling bond yields, and diminished expectations for Federal Reserve rate hikes following data showing a slowdown in US private-sector employment.
Heading into the European session, gold maintains a bullish bias, though further gains may be limited given that prices have risen for four consecutive sessions. The market is also turning cautious ahead of upcoming US labor market data. As long as prices hold above the US$4,240–US$4,250 range, gold has the potential to test levels between US$4,280 and US$4,300; conversely, a drop below this area could trigger a short-term correction. (asd)
Gold price at the time of analysis: $4,272
- Buy if the price moves to $4,277
- Sell if the price moves to $4,267
Resistance 2: $4,295
Resistance 1: $4,285
Support 1: $4,257
Support 2: $4,247
Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
