Gold Strengthens, But US-Iran Diplomacy Remains Uncertain
Gold prices rose in Asian trading Wednesday, supported by a weaker US dollar and falling oil prices, which eased inflation concerns. Spot gold rose about 2.3% to US$4,577.55/oz, as the market responded to reports that the US had sent Iran a 15-point plan to end the war in the Middle East.
US President Donald Trump said Washington was “in negotiations” with Iran and called Tehran “beginning to be reasonable,” although Iranian officials previously denied any negotiations—maintaining uncertainty. The US dollar index fell about 0.2% in early trading, helping support dollar-denominated gold.
The gold price at the time of this analysis was released was at: $4,573.03
- Buy if the price moves below $4,568.03
- Sell if the price moves below $4,78.03
Resistance 2: $4,579.72
Resistance 1: $4,576.81
Support 1: $4,568.28
Support 2: $4,562.66
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id