Gold Strengthens, Markets Monitor US-Iran Peace and Fed Direction
Gold prices held firm at around US$4,3358 per ounce after rising more than 6% in the last four sessions. This strengthening was driven by hopes for an interim US-Iran peace deal that could potentially reopen the Strait of Hormuz and stabilize global energy supplies.
If oil prices subside, inflationary pressures could also ease, creating room for yields to decline, thus supporting gold as a non-yielding asset. Market focus now shifts to the Federal Reserve's decision, particularly how the Fed will interpret inflation risks after energy pressures begin to ease. (asd)
Gold Price at the Time of This Analysis' Release: $4,340
- Buy if the price moves to $4,342
- Sell if the price moves to $4,329
Resistance 2: $4,361
Resistance 1: $4,348
Support 1: $4,322
Support 2: $4,309
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