TEMPO.CO, Jakarta - World gold prices have been fluctuating throughout the week. On Tuesday, 6th May 2025, world gold prices soared to US$3,357.63 per ounce. However, towards the end of the week, gold prices closed at $3,211 an ounce, a slight correction of about 0.3 percent.
According to Dupoin Futures Indonesia analyst, Andy Nugraha, technically, the current gold prices tend to weaken. "Based on the combination of candlestick analysis and Moving Average indicators, the bullish trend on XAUUSD is starting to lose momentum and is expected to continue to weaken until next week," Andy said in a written statement, quoted on Sunday, 11th May 2025.
Andy said this correction was triggered by positive expectations about the development of negotiations in the U.S.-China trade war and the strong release of U.S. job data, which reduced the demand for safe-haven assets. However, Andy believes that the possibility of a rebound is still wide open.
According to Andy, XAUUSD has the potential for a technical rebound towards the US$3,500 per ounce area if negative sentiments do not dominate. On the other hand, there is also a risk if the price reverses and breaks through the key point level at US$3,182. If this happens, a further decline could occur until reaching the level of US$3,074.
Fundamental factors, such as trade negotiations, major economic data from the U.S., and geopolitical tensions, will influence the movement of gold prices next week. Andy also urged market players to consider the two possible scenarios that may occur, namely whether gold prices increase or decrease.
"Investors are advised to remain cautious and carefully monitor market developments to make the right investment decisions," he said.
Meanwhile, domestic gold prices have also fluctuated over the past week. Based on gold chart data on the Logam Mulia website, Antam gold prices significantly increased at the beginning of the week. Gold prices were recorded at Rp1,931,000 per gram on Tuesday, 6th May 2025.
The commodity price rose from the previous day's Rp1,905,000 per gram. On Wednesday, 7th May 2025, the gold price increased to Rp1,956,000. However, the next gold price dropped to Rp1,928,000 per gram on Saturday, 10th May 2025.
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