Gold Still Looking for New Range!
In this morning's session, gold prices remained stable at around $3,334 per ounce, reflecting investors' cautious steps towards geopolitical news and global monetary policy. The ceasefire between Israel and Iran is still being maintained, easing concerns about the escalation of conflict in the Middle East, thus reducing the urge for safe-havens such as gold. However, the pressure on the weakening dollar and the prospect of US-Iran diplomatic talks provide fundamental support that restrains selling pressure.
The initial signal from the Federal Reserve to cut interest rates—which is not the latest but has begun to be discussed—falls right for non-interest-bearing commodities such as gold. Although gold's upward momentum has weakened after its impressive rally in the past months, the tight supply situation and dovish expectations from global central banks are still the drivers of positive pressure. If geopolitical escalation reappears or the Fed accelerates interest rate cuts, it is likely that gold prices can climb back towards the $3,350 level. However, if strong risk-on sentiment reappears, consolidation in the $3,300–$3,350 range is still very possible.
Recommendations:
Buy if price breaks above $3339
Sell if price breaks below $3329
Resistance 2: $3344
Resistance 1: $3339
Support 1: $3329
Support 2: $3324
Note: This article is intended for analysis and not as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
