Gold – Pulled Both Ways at the Same Time
Gold is trading around $4,510 today, down from $4,580 earlier this week. The price rose on Monday on US-Iran peace-deal hopes, then dropped on Tuesday after the US hit Iranian missile sites. Now it sits in the middle of the range, waiting for the next headline.
Why gold could fall: A real US-Iran deal would reopen the Strait of Hormuz. Oil drops. Inflation eases. The Fed has less reason to raise rates. Safe-asset demand fades. The technical signal on Investing.com is now "Strong Sell".
Why gold could rise: The deal isn't signed yet. The US is still hitting Iranian targets. The new Fed Chair Kevin Warsh is seen as more hawkish than Powell — and a hawkish Fed without peace is good for gold. China's central bank has bought gold every month for 17 months in a row.
Right now, the market is taking the sell side. But every time the deal looks weak, gold bounces back. Expect sharp moves in both directions this week.
Key levels:
- Resistance: $4,580 (this week's high), then $4,600 and $4,650
- Support: $4,500 (psychological), then $4,450 and $4,400
By Born2trade market research department
Risk Disclaimer: All research and/or forecasts above reflect the author's personal opinion and cannot be treated as trading advice. born2trade is not responsible for any trading results based on any information in this article. Trading Forex and CFDs carries a high level of risk to your capital. You may lose all of your invested funds. Forex and CFD trading may not be suitable for all investors. Please ensure that you fully understand the risks involved and, if necessary, seek independent advice.
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