Gold Rebounds from Sharp Open!
Gold prices opened sharply lower this morning, hitting $4,791 per ounce, reflecting initial pressure from a strengthening dollar and the market's anticipation of persistently high inflation. Fundamentally, gold is sensitive to real interest rate expectations: when the dollar and US bond yields rise, gold's attractiveness as a non-yielding asset tends to decrease, prompting selling early in the session.
However, this pressure has since eased, and gold has gradually recovered to $4,812 per ounce, indicating the emergence of hedging demand after the rapid decline. This recovery is also consistent with a "buy on dips" pattern as macro and geopolitical uncertainty continues to maintain interest in defensive assets, although room for upside remains dependent on whether the dollar and yields strengthen again or decline throughout the day. (asd)
Gold Price at the Time of This Analysis' Release: $4,809
- Buy if the price moves to $4,816
- Sell if the price moves to $4,785
Resistance 2: $4,837
Resistance 1: $4,825
Support 1: $4,773
Support 2: $4,765
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*
