Gold Consolidates, Market Awaits Fed's Dovish Signal
Gold prices strengthened slightly in early Asian trading on Thursday (July 24th), driven by the possibility of position adjustments after a three-day rally in gold futures ended overnight. The research team from Sucden Financial noted that although speculative interest in gold is starting to increase, the levels are still not extreme. Meanwhile, retail demand is starting to show signs of slowing.
Analysts predict that gold prices will likely move in a consolidation phase in the near term, awaiting clarity on the direction of interest rate policy from the US Central Bank (The Fed). Without a more firm dovish signal from the Fed, the market is likely to move cautiously. Currently, the spot gold price is stable at $3,390.51 per ounce.
Recommendation:
Buy if the price breaks above $3,398
Sell if the price breaks below $3,384
Resistance 2: $3,412
Resistance 1: $3,405
Support 1: $3,377
Support 2: $3,370
Note: This article is intended for analytical purposes and is not intended as a definitive reference. Always consider fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
