After Overnight Pressure, Gold Rebounds in Asian Trading
Gold prices rebounded in the Asian session on Wednesday morning after experiencing sharp pressure in the previous session. This increase occurred as the market began to digest the strengthening of the US dollar, which had touched its highest level in about a week overnight, amid market doubts about the direction of the ceasefire and negotiations between the United States and Iran.
In the previous session, gold had fallen more than 2% due to a combination of a stronger dollar and rising US bond yields. Reuters reported that spot gold fell 2.2% to around US$4,712 per ounce on April 21, while the dollar was boosted by stronger US retail sales data and the market's perception that Kevin Warsh's comments were hawkish.
The Gold Price at the Time of This Analysis' Release was $4,757
- Buy if the price moves to $4,750
- Sell if the price moves to $4,765
Resistance 2: $4,785
Resistance 1: $4,770
Support 1: $4,745
Support 2: $4,737
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id