Gold Steady as Markets Await US Labor Data
Gold prices remained stable during Tuesday's trading (August 4), hovering around US$4,058 per troy ounce. Investors remain cautious amidst uncertainty in the Middle East—particularly regarding US-Iran relations—which is bolstering demand for safe-haven assets.
Markets are now awaiting the JOLTS job openings report and US employment data for clues regarding the Federal Reserve's policy direction. Strong data could increase the likelihood of an interest rate hike and put pressure on gold, whereas weak data could potentially lower the dollar and bond yields, thereby supporting gold prices. (gn)
Gold price at the time of this analysis: $4,058
- Buy if the price moves to $4,065
- Sell if the price moves to $4,046
Resistance 2: $4,092
Resistance 1: $4,073
Support 1: $4,035
Support 2: $4,016
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