Gold Steady, What to Wait for?
Gold prices remain in a downtrend after a fragile ceasefire between Iran and Israel eased geopolitical tensions in the Middle East, reducing demand for safe-haven assets. Gold was trading almost unchanged at around $3,325 per ounce in early Asia, after closing down 1.3% the previous day. Despite the easing of conflicts, global uncertainty, trade tensions, and expectations of interest rate cuts remain supporting factors for gold prices which have risen 27% so far this year.
On the other hand, weakening US consumer confidence in June added to market concerns about the economic impact of President Trump's tariff policies. The data reinforced speculation that the Fed may ease its monetary policy again in the coming months, although Chairman Jerome Powell remained cautious. Lower interest rates are generally beneficial for gold because it does not provide yields. Currently, gold is moving in a consolidation range of $3,300–$3,400, with the market remaining vigilant waiting for the direction of the next monetary policy.
RECOMMENDATION
- Buy if price breaks above $3,330
- Sell if price breaks above $3,320
Resistance 2: $3,335
Resistance 1: $3,330
Support 1: $3,320
Support 2: $3,315
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
