Gold Steady, US-Iran Peace Talks Remain Stalled
Gold prices held steady above US$4,700 per ounce at the start of the week, as efforts to reopen US-Iran peace talks stalled again. Iran reportedly submitted a new proposal to reopen the Strait of Hormuz, but postponed nuclear negotiations, while the US canceled its envoy's planned trip to Pakistan.
The market is also still monitoring rising oil prices due to disrupted energy flows through the Strait of Hormuz. This situation increases the risk of inflation and opens the possibility of prolonged high interest rates, limiting the room for gold to strengthen. Therefore, market participants tend to hold aggressive positions and await certainty about the direction of future diplomacy. (gn)
Gold Price at the Time of This Analysis' Release: $4,709
- Buy if the price moves to $4,709
- Sell if the price moves to $4,699
Resistance 2: $4,724
Resistance 1: $4,714
Support 1: $4,694
Support 2: $4,684
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id