XAU/USD Consolidates, Ahead of US Jobs Data
Gold stabilized above US$4,500 per troy ounce on Monday (June 1) after a volatile week, as markets weighed geopolitical risks related to efforts to extend the US-Iran ceasefire and plans to reopen the Strait of Hormuz. Negotiations are said to remain unclear, while President Donald Trump reiterated demands for an end to Iran's nuclear program and the importance of keeping the Strait of Hormuz open to global energy flows.
Meanwhile, gold remains restrained by inflation concerns following a surge in energy prices, which could push interest rate expectations higher and limit gold's upside. The market now awaits the release of the US monthly jobs report later this week for clues on the direction of the Fed's policy, the dollar, and XAU/USD. (asd)
Gold Price at the Time of This Analysis' Release: $4,530
- Buy if the price moves to $4,545
- Sell if the price moves to $4,535
Resistance 2: $4,560
Resistance 1: $4,550
Support 1: $4,530
Support 2: $4,520
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