Rising oil prices are preventing gold from rising further.
Gold price news:
➡️Gold prices slipped below $4,400 early on Tuesday, failing to sustain the strong rebound seen the previous day from a four-month low below $4,100. Reports of attacks on Iran’s gas infrastructure have highlighted risks to global energy systems and heightened inflation concerns, reinforcing expectations that the Federal Reserve will keep interest rates elevated. This, in turn, has supported the US dollar and put pressure on the non-yielding precious metal.
➡️From a technical perspective, the EMA and SMA (34, 89, 200) are all trending downward, indicating that gold’s upward momentum remains weak. The support level at 4,366 has been broken, with price continuing to form lower support levels.
➡️In conclusion, gold is likely to remain within its current 1-hour trend range while awaiting upcoming US economic data to confirm its short-term direction.
Resistance zone: 4353 - 4363; 4480-4485 --> Consider Sell Scalping
Support Zones: 4250-4255; 4205-4200 --> Consider Buy Scalping
Wishing you a successful trading day!
source https://www.tradingview.com/chart/XAUUSD/vZ8eu8ng-Rising-oil-prices-are-preventing-gold-from-rising-further/
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