Gold Falls Slightly, But the Alarm is Big!
Gold weakened on Friday, falling below US$4,450, heading for a weekly loss of around 2% as the market remains uncertain about the progress of US-Iran negotiations. Clashes in the Middle East have escalated, including Hezbollah's rejection of the Israel-Lebanon ceasefire, quickly fading the peace optimism that emerged last week.
The risk of disruptions to energy flows through the Strait of Hormuz is keeping inflation concerns at bay, so the market is likely to remain in a scenario of high interest rates, a situation that typically puts pressure on gold. In the Asian session, spot gold fell 0.6% to US$4,447, while silver fell 1.6% to US$72.70, with the dollar remaining relatively stable. (asd)
Gold Price at the Time of This Analysis: $4,450
- Buy if the price moves to $4,462
- Sell if the price moves to $4,438
Resistance 2: $4,473
Resistance 1: $4,470
Support 1: $4,424
Support 2: $4,418
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
