Geopolitical tensions surrounding Iran might fuel safe-haven demand for gold.
A break above $3,403 might open the door for a test of the May high at $3,437. However, price action over the last two sessions potentially indicates that buyers are reluctant to drive spot prices above $3,400.
At the same time, analysts are suggesting that oil could climb toward $120 if Israel takes military action against Iran. “I don’t want to say it’s imminent, but it looks like something that could very well happen,” President Trump said during a White House event.
Meanwhile, cooler-than-expected US CPI and PPI prints have potentially strengthened expectations that the Federal Reserve could begin cutting interest rates by September, with a second cut possibly following before year-end.
A break above $3,403 might open the door for a test of the May high at $3,437. However, price action over the last two sessions potentially indicates that buyers are reluctant to drive spot prices above $3,400.
At the same time, analysts are suggesting that oil could climb toward $120 if Israel takes military action against Iran. “I don’t want to say it’s imminent, but it looks like something that could very well happen,” President Trump said during a White House event.
Meanwhile, cooler-than-expected US CPI and PPI prints have potentially strengthened expectations that the Federal Reserve could begin cutting interest rates by September, with a second cut possibly following before year-end.
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Economic Calendar:
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blackbull.com/en/platforms/tradingview/?utm_source=tradingview
blackbull.com/en/economic-calendar/?utm_source=tradingview
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blackbull.com/en/platforms/tradingview/?utm_source=tradingview
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.