Gold Strengthens Ahead of US CPI Data
Gold prices rose again during Wednesday's trading (August 12) as demand for safe-haven assets increased amidst geopolitical tensions in the Middle East and uncertainty regarding the reopening of the Strait of Hormuz. Meanwhile, investors maintained their gold positions after weak US labor data dampened expectations that the Federal Reserve would need to raise interest rates soon.
Market focus today is centered on the US CPI for July, which is projected to rise by approximately 0.1% month-on-month. Should inflation show signs of easing, expectations for a Fed rate hike could decline again, providing further support for gold.
Gold price at the time of this analysis: $4,397
- Buy if the price moves to $4,412
- Sell if the price moves to $4,390
Resistance 2: $4,438
Resistance 1: $4,422
Support 1: $4,374
Support 2: $4,358
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