Gold Steady Above US$4,500, Market Weighs Mixed US-Iran Signals
Gold prices held steady in Asian trading on Thursday as investors weighed conflicting signals regarding efforts to de-escalate the Iran conflict. Spot gold edged up 0.1% to around US$4,509/oz, while US gold futures fell 1.1% to around US$4,536/oz, suggesting the market remains hesitant to take large positions amid diplomatic uncertainty.
Gold recovered earlier this week after a sharp correction, supported by a softer dollar and cautious hopes that the US proposal could open the way for negotiations. However, gains remained limited as Iran has not accepted the plan, continues to reject claims of direct negotiations, and key differences are seen as remaining. Washington has also hinted at tougher action if Iran does not respond constructively. In recent weeks, gold has behaved in an unusual manner: despite high geopolitical tensions, prices have fallen as markets priced in "higher for longer" interest rates and a strong dollar.
The gold price at the time of this analysis was released was at: $4515.46
- Buy if the price moves below $4510.46
- Sell if the price moves below $4520.46
Resistance 2: $4527.19
Resistance 1: $4521.35
Support 1: $4504.63
Support 2: $4493.75
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
