Gold today tended to move slightly around $4,300/oz as the market "held its breath" after the release of US data and awaited the next trigger. Buyers are still present, but many traders are reducing risk due to the busy week ahead.
Fundamentally, gold still has support from signals that the US labor market is cooling (unemployment is rising), which keeps the possibility of future interest rate cuts open—this is usually positive for gold. However, the rise could be restrained if news of Russia-Ukraine peace strengthens (safe havens are reduced) or if US inflation comes out higher and pushes the dollar/yields up. (asd)
Gold price at the time of this analysis was released was at $4,314.
Disclaimer
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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