Investors Beware! Could Gold Break Through $3,400 or Plunge?
Global gold prices were stable in trading today, Tuesday (July 15), as market participants shifted their focus to key US inflation data scheduled for release on Tuesday evening Indonesian time. Gold remained supported by safe-haven sentiment amid global uncertainty, even though the US dollar strengthened to near its highest level in three weeks.
Spot gold prices were recorded at around $3,350 per ounce, down slightly 0.1% from the previous session. US gold futures also weakened slightly to $3,359.1 per ounce. Despite the correction, gold has still recorded a gain of more than 27% so far this year, supported by central bank demand and rising geopolitical concerns.
TD Securities analyst Bart Melek stated that the current pressure on gold is primarily due to profit-taking after a significant rally in recent weeks. "However, overall, demand for gold remains high, especially ahead of the release of inflation data, which is crucial for the direction of the Fed's interest rate policy," he said.
US Consumer Price Inflation (CPI) data for June will be a key focus for investors. A Reuters survey forecasts annual inflation rising to 2.7% from 2.4%, while core inflation is expected to rise to 3.0%. If the actual figure is higher than expected, pressure on the Fed to delay interest rate cuts will increase—a condition that typically limits gold's upside.
Technically, gold prices are still maintaining a medium-term bullish trend. Gold is trading around $3,346–$3,355 during today's session. Key support is in the $3,330–$3,335 range. Resistance is in the $3,385–$3,400 range; a daily close above $3,360 could trigger a rally towards this level. (mrv)
Source : Newsmaker.id
