Gold Steadies as Traders Weigh Middle East Truce, Fed Rate Path
Gold steadied as traders weighed a truce in the Middle East and weak US economic data that fueled hopes for Federal Reserve interest-rate cuts.
Bullion traded little changed near $3,330 an ounce, after closing down 1.3% on Tuesday. The truce between Israel and Iran appeared to hold, easing demand for haven assets, after US President Donald Trump lashed out at both sides for early breaches.
Meanwhile, US data showed consumer confidence has declined unexpectedly in June, signaling ongoing anxiety about tariff-driven impacts on the economy and the jobs market. That may encourage the Fed to cut rates in the coming months, but Chair Jerome Powell also reiterated his view that policymakers need not rush. Lower rates are typically positive for non-interest paying bullion.
The price of gold at the time of writing this article was at the level of $3323/Toz.
RECOMMENDATION
- Buy if price breaks above $3,330
- Sell if price breaks above $3,316
Resistance 2: $3,343
Resistance 1: $3,337
Support 1: $3,309
Support 2: $3,302
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
