Gold Stabilizes After Sharp Drop, Market Tests Iran De-escalation Signals
Gold held steady above US$4,300/oz on Tuesday after hitting a four-month low of around US$4,100 earlier in the week. The market assessed that the delay in the US attack on Iran's energy infrastructure had provided a respite from selling pressure and triggered a correction in energy prices, with the oil benchmark falling around 10%.
The weakening US dollar and falling Treasury yields supported gold, but uncertainty remains high as Iran denies negotiations and Israel continues its attacks. The outlook for opening the Strait of Hormuz remains unclear, keeping energy inflation risks looming, while gold remains down around 25% from its March peak due to repricing expectations of more hawkish interest rates.
The gold price at the time of this analysis's release was at $4,361.
- Buy if the price moves below $4,356.
- Sell if the price moves below $4,366.
Resistance 2: $4,536.
Resistance 1: $4,449.
Support 1: $4,314.
Support 2: $4,413.
Note:
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id
