Gold Remains Strong, Is It Time to Sell or Buy?
Gold remains strong, driven by expectations of an interest rate cut by the Federal Reserve and uncertainty in the US economy. Although the US government has reopened, investors continue to seek refuge in gold due to the lack of economic data and global concerns.
However, if pending US economic data turns out to be positive or the Fed indicates that interest rates will remain high, gold prices could come under pressure. Technically, gold could consolidate before continuing to rise, so it is important to be alert to any policy changes or emerging economic data.
At the time of this analysis, the price of gold was at $4,207.
Buy if the price is near $4,217.
Sell if the price is near $4,197.
Resistance 2: $4,247.
Resistance 1: $4,237.
Support 1: $4,187.
Support 2: $4,177.
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