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Market Analysis
Source: Newsmaker.id
Gold prices began this week's trading with high volatility, having closed around $4,349 per troy ounce on Friday. Gold's movement remains overshadowed by expectations regarding the Fed's monetary policy, after the August US CPI data reinforced speculation of an interest rate hike. The market is currently pricing in an 86-87% chance of a 25 basis point hike at this week's FOMC meeting.
Fundamentally, the rise in oil prices, which have again surpassed $100 per barrel, poses a challenge for gold. The energy surge increases the risk of prolonged inflation and could make the Fed more cautious in easing policy. This situation has the potential to maintain pressure on gold through rising Treasury yields and a strengthening US dollar. On the other hand, the aggressive strengthening of the yen is a factor that could limit the dollar's gains and provide some room for gold to survive.
Gold price at the time of this analysis: $4,314
- Buy if the price moves to $4,310
- Sell if the price moves to $4,320
Resistance 2: $4,335
Resistance 1: $4,325
Support 1: $4,305
Support 2: $4,300
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