Ceasefire Dims Gold's Shine
Gold prices weakened amid easing geopolitical tensions after President Donald Trump announced a total ceasefire between Israel and Iran. Spot gold fell around 0.6% to $3,351.79 per ounce, as the market began to release safe haven assets and return to hunting for risky instruments. The tensions that previously drove the surge in precious metal prices are now considered to have decreased significantly, reducing demand for gold.
From a technical perspective, gold prices are showing short-term correction signals after failing to stay above the psychological resistance level of $3,370. Investors are now shifting their focus towards US inflation data and interest rate policy signals from the Fed in July. If geopolitical pressures do not increase again, the potential for a decline in gold prices is still open, although the weakening US dollar could provide a medium-term lower limit (support).
RECOMMENDATION
- Buy if price breaks above $3,356
- Sell if price breaks above $3,346
Resistance 2: $3,361
Resistance 1: $3,356
Support 1: $3,346
Support 2: $3,341
Note: This article is for analytical purposes only and is not a definitive reference. Please pay attention to fundamental and technical developments in trading before making any investment decisions. (ayu)
Source: Newsmaker.id
