Gold Steady Ahead of US CPI Amid Fragile US-Iran Ceasefire
Gold prices held steady on Thursday (April 9), with spot prices hovering around $4,715 per ounce, as investors tended to hold positions while awaiting clarity on the sustainability of the US-Iran ceasefire and the release of US inflation data.
On the fundamental side, renewed inflation concerns via energy channels kept the market sensitive to the direction of interest rates, while the latest Fed minutes showed some officials were increasingly open to the option of tightening if price pressures persist. The next focus will be on the CPI and other inflation indicators, along with developments in Hormuz, which could potentially move the dollar, yields, and hedging demand. (gn)
Gold Price at the Time of This Analysis' Release: $4,728
- Buy if the price moves to $4,730
- Sell if the price moves to $4,724
Resistance 2: $4,743
Resistance 1: $4,738
Support 1: $4,720
Support 2: $4.14
Disclaimer:
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