Gold Under Pressure After Geopolitical Ease, Market Focuses on US Inflation
Gold prices fell on Monday (August 11th) due to easing geopolitical tensions, which dampened demand for safe-haven assets. The market is now shifting attention to US consumer inflation data due Tuesday, which is expected to determine the direction of the Fed's interest rate policy.
Pressure on gold emerged after President Donald Trump announced plans to meet with Russian President Vladimir Putin on August 15th in Alaska to negotiate a potential end to the conflict in Ukraine.
Gold prices at the time of writing were at $3,375/Toz.
- Buy if the price moves to around $3,382
- Sell if the price moves around $3,368
Resistance 2: $3,396
Resistance 1: $3,389
Support 1: $3,361
Support 2: $3,354
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Pay attention to fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id(alg)