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Market Analysis
Source: Newsmaker.id
Gold prices have the potential to remain supported in today's trading after the market reviewed the latest US inflation data. A weak CPI performance to reinforce expectations of tighter monetary policy eased pressure on the dollar and Treasury yields, thus reinvigorating gold's appeal. Market attention now shifts to the Fed's policy announcement at this week's FOMC meeting, particularly whether the central bank will signal interest rate easing.
On the other hand, geopolitical risks and persistently high oil prices could maintain safe-haven demand for gold, although rising oil prices could also reignite inflation concerns. Therefore, gold's fundamentals are positive today, but remain volatile. If the dollar and Treasury yields continue to weaken ahead of the FOMC, gold has the potential to continue strengthening. Conversely, a hawkish signal from the Fed could trigger profit-taking. (mrv)
Gold price at the time of this analysis: $4,351
- Buy if the price moves to $4,356
- Sell if the price moves to $4,346
Resistance 2: $4,375
Resistance 1: $4,364
Support 1: $4,333
Support 2: $4,313
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id