Gold Strengthens as Dollar Weakens
Gold prices strengthened during Asian trading (August 5), supported by a weakening US dollar. Spot gold rose approximately 0.1 percent to US$4,081.09 per troy ounce. A weaker dollar makes gold more affordable for buyers using other currencies, thereby helping to boost demand.
Gains in gold prices remain limited as the market awaits the ADP Employment data due tonight and the Nonfarm Payrolls report on Friday. These figures will provide key insights into the Federal Reserve's future interest rate policy. Meanwhile, positive developments in efforts to resolve the US-Iran conflict have dampened demand for safe-haven assets, preventing gold from rising further.
Gold price at the time of this analysis: $4,088
- Buy if the price moves to $4,092
- Sell if the price moves to $4,080
Resistance 2: $4,109
Resistance 1: $4,097
Support 1: $4,073
Support 2: $4,061
Note: This article is analytical in nature and does not constitute a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id