Gold Extends Decline as Haven Demand Ebbs After Ceasefire
Gold fell as haven demand ebbed after US President Donald Trump announced that Israel and Iran had agreed to a ceasefire.
Bullion fell as much as 1.6% to below $3,320 an ounce on Tuesday. Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran’s nuclear facilities, said the accord is aimed at a lasting end to the fighting and warned against violations. Israeli Prime Minister Benjamin Netanyahu confirmed later that his country has agreed to a truce after achieving its war goals in Iran.
Rising haven demand because of heightened geopolitical tensions has among the catalysts driving gold’s 27% advance this year. The precious metal has also been supported by concerns over the economic impact of Trump’s tariffs and continued purchases by central banks.
Investors will be keeping an eye on Federal Reserve Chairman Jerome Powell’s testimony before Congress in the coming days for hints on monetary easing, with lower rates typically supportive for non-interest paying bullion.
The price of gold when this news was released was -1.34 or at the level of $ 3324 / Toz.
RECOMMENDATION
- Buy if the price breaks above $ 3332
- Sell if the price breaks above $ 3317
Resistance 2: $ 3347
Resistance 1: $ 3339
Support 1: $ 3310
Support 2: $ 3300
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.
Source: Newsmaker.id
