Gold Remains Undecided, But Hasn't Lost Its Way
Gold prices continue to fluctuate around the US$5,000 per ounce level as the market weighs two major forces simultaneously: the weakening US dollar on the one hand, and the risk of Middle East war that continues to threaten oil supplies on the other. When the dollar falls, gold typically finds support. However, conflicts that keep energy prices high are also holding back gold's gains, as the market becomes increasingly skeptical that the Fed will cut interest rates anytime soon.
In the short term, gold's movements remain highly sensitive to the dollar and interest rate expectations, so it's understandable that its movements appear hesitant. However, in the medium term, geopolitical tensions, the threat of stagflation, and global economic threats could still maintain interest in gold as a safe-haven asset. This means that even though the gold rally has stalled, this precious metal has not run out of reasons to remain strong. (asd)
Gold Price at the Time of Release of This Analysis Was at $5,003
- Buy if the price moves to $5,010
- Sell if the price moves to $4,996
Resistance 2: $5,026
Resistance 1: $5,017
Support 1: $4,990
Support 2: $4,980
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
