Gold Recovers, Conflict Uncertainty Remains a Cushion
Gold prices rose in Asian trading on Friday, supported by a slight weakening of the US dollar and easing geopolitical tensions after US President Donald Trump signaled progress in talks with Iran. Spot gold rose about 1.2% to US$4,429/oz, while US gold futures rose 1.1% to US$4,458/oz.
Despite the rebound, gold is still headed for a weekly decline of about 1.3% after falling nearly 3% in the previous session. Trump said attacks on Iran's energy infrastructure would be paused for 10 days at Tehran's request and that negotiations were going "very well." The pause in the conflict reduced safe-haven demand but also pressured the dollar, which tends to support gold. Looking ahead, gold's direction remains influenced by the trade-off between conflict uncertainty and the impact of energy inflation, which risks maintaining expectations of high interest rates for longer.
The gold price at the time of this analysis's release was at $4,437.
- Buy if the price moves below $4,432.
- Sell if the price moves below $4,442.
Resistance 2: $4,579.
Resistance 1: $4,575.
Support 1: $4,566.
Support 2: $4,561.
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