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Night (UTC+7 Indochina Time) UPDATE
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In the medium term, as long as the price holds above $4,203, it is still viewed as a consolidation for further upside. The support level is assessed to have shifted to $4,288–$4,268. As for rebounds, if the price fails to pass the resistance at $4,446, caution is still required as it might be a bounce before continuing to consolidate downward. Investment strategy: Wait for the price to establish a base first. If risk-tolerant, consider opening long positions if the price stays above $4,288–$4,268 (Stop loss at $4,223). Take profit on long positions if prices fail to pass $4,375–$4,446; if passed above $4,446, delay selling until the next resistance level. |
Key Factors
Gold prices remain under pressure today amidst a strengthening U.S. Dollar Index at 99.758 and U.S. Treasury yields surging to 4.81%. This follows hawkish remarks from Federal Reserve Governor Michael Barr, who indicated that the Fed may need to raise interest rates and stands ready to act "decisively" if inflation fails to cool down.
Furthermore, ongoing military clashes between the U.S. and Iran remain intense, keeping crude oil prices elevated throughout the day and adding further downward pressure on gold, even as economic data released last night showed signs of slightly moderating momentum.
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