Asian Gold Prices Rise; US$4,100 Back in Sight
During the Asian session, gold prices hovered around US$4,061 per troy ounce. Fundamentally, a weaker US dollar and declining US yields are supporting gold, although optimism regarding US-Iran peace efforts is limiting demand for safe-haven assets.
Technically, gold remains bullish albeit with limited upside as long as it holds above US$4,060. A break above US$4,080 opens the door to US$4,100, while a drop below US$4,050 risks a test of the US$4,020 level.
Gold price at the time of this analysis: $4.0
- Buy if the price moves to $4,050
- Sell if the price moves to $4,060
Resistance 2: $4,085
Resistance 1: $4,075
Support 1: $4,043
Support 2: $4,035
Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id