Gold Strengthens: On the Way to $4,200?
Gold prices held above $4,100/oz on Tuesday (November 11) during the Asian session. This was supported by rising expectations of a Fed interest rate cut following a series of weak US economic data. On Monday, gold briefly touched a two-week high, while inflows into global gold ETFs in October increased again, providing a more solid basis for demand.
The dollar also weakened on hopes of a resolution to the US government shutdown, while the US 10Y yield held near 4.12%, a tame measure supporting gold.
At the time of this analysis, the gold price is around $4,118.
Buy if the price is around $4,128.
Sell if the price is around $4,108.
Resistance 2: $4,148.
Resistance 1: $4,138.
Support 1: $4,098.
Support 2: $4,088.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id