Gold Rises Slightly in European Trading, But Pressure Remains Unabated
Gold prices edged higher in today's European session after experiencing significant pressure. Reuters reported that spot gold fell more than 2% before paring losses, finally settling at around US$4,396.74 per ounce, indicating renewed buying activity following a sharp decline in early trading.
This gold rally was primarily driven by a market still clouded by geopolitical uncertainty. Sentiment improved after signals that the United States was delaying an attack on Iran's energy infrastructure, but that optimism quickly faded after Iran denied any talks with Washington. The uncertainty surrounding the conflict's direction has kept interest in safe-haven assets like gold at bay.
The gold price at the time of this analysis's release was at $4,404.
- Buy if the price moves to $4,395.
- Sell if the price moves to $4,415.
Resistance 2: $4,439.
Resistance 1: $4,425.
Support 1: $4,383.
Support 2: $4,375.
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
