Gold Remains Under Pressure Ahead of the Fed
Gold prices are currently hovering around $3.9K–$4K per ounce, well below the record high of over $4.3K per ounce reached last week. After three days of heavy selling, prices have stabilized but have not yet fully recovered, as many investors have already taken profits from the previous extreme rally. Gold is still up about 50% this year, supported by massive buying by central banks and currency concerns, but momentum has weakened again.
Fundamentally, gold is holding up for two reasons: first, the market is increasingly optimistic about a potential US–China trade deal, reducing the demand for safe-haven assets like gold. Second, everyone is waiting for the Fed's decision. The Fed is almost certain to cut interest rates by 0.25%, but the focus now isn't just on interest rates; the market wants to know the next direction. As long as risk sentiment remains strong and technology stocks are a factor, gold will struggle to rise. (asd)
At the time of this analysis's release, the gold price was at $3,971.
- Buy if the price reaches $3,976.
- Sell if the price reaches $3,965.
Resistance 2: $3,988.
Resistance 1: $3,982.
Support 1: $3,960.
Support 2: $3,955.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
