Gold Steady, Market Awaits US Data & Geopolitics
Gold prices are currently stable, hovering slightly below their record high. The precious metal is trading near $3,623 per ounce, after previously touching over $3,674 on Tuesday. Gold's movement was influenced by US employment data, which was revised down significantly, to 911,000 jobs, further strengthening the case for an interest rate cut by the Federal Reserve. The market now awaits the release of US producer and consumer inflation data on Wednesday and Thursday, which are expected to determine the direction of the Fed's monetary policy at its meeting next week.
In addition to economic factors, geopolitical tensions are also adding to market uncertainty. Israel launched a major military strike targeting senior Hamas leaders in Doha, a rare move that has drawn global attention.
The gold price at the time of writing was $3,624/Toz.
- Buy if the price moves within the $3,631 range
- Sell if the price moves within the $3,617 range
Resistance 2: $3,645
Resistance 1: $3,638
Support 1: $3,610
Support 2: $3,603
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
