Gold Falls Slightly, Oil Rises Again
Gold weakened slightly in the Asian session after the Middle East conflict re-escalated and made US-Iran negotiations appear uncertain. Prices briefly fell to near US$4,460/oz before stabilizing, while Brent rose again to around US$97/barrel.
High oil prices maintained inflation concerns, leading the market to believe interest rates could remain tight for longer, putting pressure on non-yielding gold. Strong US job openings data further reinforces the "higher for longer" narrative. (asd)
Gold Price at the Time of This Analysis: $4,484
- Buy if the price moves to $4,493
- Sell if the price moves to $4,442
Resistance 2: $4,547
Resistance 1: $4,512
Support 1: $4,407
Support 2: $4,372
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