Gold Sparkles This Morning!
Gold prices held near a monthly high of $3,395 per ounce, supported by increased safe-haven demand ahead of the August 1 US tariff deadline. The White House's statement that President Trump may issue more unilateral tariffs has increased market uncertainty. The US dollar weakened 0.5% in the previous session, making gold relatively more attractive to global buyers.
Meanwhile, the market continues to monitor the Fed's interest rate outlook ahead of next week's decision. Although the probability of a rate cut remains low, market expectations still point to a total of around 46 basis points of cuts by year-end. Low yields support the appeal of gold, which has risen more than 25% this year due to rising geopolitical risks and aggressive US trade policies.
Recommendation:
Buy if the price breaks above $3,402
Sell if the price breaks below $3,392
Resistance 2: $3,408
Resistance 1: $3,402
Support 1: $3,392
Support 2: $3,386
Note: This article is intended for analytical purposes and is not intended as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
