Gold Rises, But Why Isn't It Booming?
Gold is strengthening on hopes that the US-Iran deal could open the Strait of Hormuz, potentially lowering energy prices and easing inflationary pressures. If inflation subsides, the dollar and yields could fall, which typically supports gold.
However, the market is still holding back due to the uncertainty surrounding when Hormuz will actually open. As long as energy and inflation risks remain "hanging," expectations that the Fed will remain tight could strengthen again and restrain gold's gains. Next focus: concrete Hormuz news, oil movements, the dollar, US yields, and the PCE release. (asd)
Gold Price at the Time of This Analysis: $4,562
- Buy if the price moves to $4,568
- Sell if the price moves to $4,554
Resistance 2: $4,580
Resistance 1: $4,574
Support 1: $4,548
Support 2: $4,542
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id