Equities Hit Record Highs, Gold Held Back
Gold held steady in Asian trading Wednesday, trading just above US$4,500 per ounce after falling 1.4% on Tuesday. Fresh clashes in the Persian Gulf dampened hopes for a quick breakthrough in the US-Iran peace deal, while US Secretary of State Marco Rubio emphasized that finalizing the pact would still take several days.
At the same time, markets began to hold the conflict scenario in check, leading to risk-on sentiment pushing equities to new highs, curbing safe-haven demand for gold. Fundamentally, concerns about energy-driven inflation are keeping interest rates high for longer, which tends to weigh on gold as it offers no yield.
Gold Price at the Time of This Analysis' Release: $4,496
- Buy if the price moves to $4,491
- Sell if the price moves to $4,501
Resistance 2: $4,523
Resistance 1: $4,510
Support 1: $4,487
Support 2: $4,478
Note: This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id