Gold Fluctuates: Geopolitical and Inflation Impact
The 4-hour gold chart clearly shows the volatility caused by geopolitical and economic events. Gold prices have recovered from lows due to inflation concerns from the new US tax policy, indicating that safe-haven demand for gold remains strong.
Currently, the key support level is at $2,603/oz, with resistance at $2,634/oz. Any break of these two levels will indicate the next direction for gold prices.
Market Comment: Based on technical analysis and current situation, I expect gold prices to increase in the short term. Inflation concerns from the new US tax measures could weaken the USD, supporting gold prices. If prices hold above $2,603/oz and continue to react positively, I expect a further rally, possibly reaching or exceeding $2,634/oz.
Currently, the key support level is at $2,603/oz, with resistance at $2,634/oz. Any break of these two levels will indicate the next direction for gold prices.
Market Comment: Based on technical analysis and current situation, I expect gold prices to increase in the short term. Inflation concerns from the new US tax measures could weaken the USD, supporting gold prices. If prices hold above $2,603/oz and continue to react positively, I expect a further rally, possibly reaching or exceeding $2,634/oz.
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