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Asian morning gold prices edged higher slightly, mainly due to a technical rebound after the overnight gold price plummeted 1%, indicating an oversold correction.
However, the current gold price rebound is very limited in scope, making it difficult to sustain an upward trend. The ongoing geopolitical conflict between the US and Iran continues to push oil prices higher, and market concerns about rising inflation remain, further reinforcing expectations of prolonged high interest rates, which continue to suppress the strength of gold price rebounds.
In the short term, gold is only experiencing a weak technical rebound, not a trend reversal. Resistance levels are clearly present above, and the trend remains primarily influenced by geopolitical developments and inflation expectations.