Gold Nears Record, Market Pins Hopes on the Fed
Global gold prices strengthened on Friday (September 12th), with the last price recorded at $3,648 per ounce. This strengthening was driven by growing expectations of an interest rate cut by the Federal Reserve next week, after US labor market data showed weakening and slowing producer inflation. This condition strengthens gold's appeal as a hedge against global monetary policy uncertainty.
In addition to the Fed, geopolitical tensions in the Middle East and Europe have also increased demand for gold as a safe haven. Investors also view the still-high global risks, from the Israel-Qatar conflict to Russian drone attacks in Eastern Europe, as additional catalysts for the gold price rally. With this sentiment, the opportunity for gold to retest its record level above $3,670 remains wide open in the short term.
The gold price at the time of writing was $3,648/Toz.
- Buy if the price moves within the $3,655 range
- Sell if the price moves within the $3,641 range
Resistance 2: $3,669
Resistance 1: $3,662
Support 1: $3,634
Support 2: $3,527
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
