Gold Rises for Four Weeks, Is It Really Due to Ceasefire Hopes?
Gold prices stabilized around US$4,800 per ounce on Friday (April 17th), heading for a fourth consecutive week of gains. This movement was supported by hopes for a US-Iran ceasefire, which eased inflation concerns and tempered expectations of interest rate hikes, keeping gold supported despite the lack of yield.
Previously, US President Donald Trump claimed Iran had agreed to several conditions, including reopening the Strait of Hormuz and providing "free oil," but this has not been verified by Tehran, and Hormuz remains effectively closed. Although IMF Executive Director Fatih Birol warned that the recovery of oil and gas output could take up to two years, the market's focus on de-escalation has pressured oil prices, reduced energy inflation pressures, and boosted gold sentiment. (asd)
Gold Price at the Time of This Analysis' Release: $4,793
- Buy if the price moves to $4,800
- Sell if the price moves to $4,772
Resistance 2: $4,839
Resistance 1: $4,811
Support 1: $4,755
Support 2: $4,727
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
