Gold Breaks $5,500—What Is the Market Really Chasing?
Gold has once again caused a stir after breaking a new record above $5,500/ounce, then retreating slightly. In Asia, gold briefly reached an intraday peak before settling at $5,461.98/ounce. This rally was driven by a weakening US dollar and investors increasingly aggressively seeking alternative "stores of value," as doubts mount that government bonds and currencies remain the primary safe haven.
The market is also beginning to look ahead to the Fed's next move after holding interest rates, especially as speculation about the next Fed chair is fueling the possibility of a more dovish policy—which typically fuels gold's price action, as it offers no yield. Meanwhile, bond volatility, fiscal issues, yen-dollar dynamics, Trump's comments, and geopolitical risks are putting the market on the defensive. (az)
The price of gold at the time of this analysis was $5,527
- Buy if the price is at $5,555
- Sell if the price is at $5,515
Resistance 2: $5,595
Resistance 1: $5,571
Support 1: $5,491
Support 2: $5,475
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
