Gold Rebounds on Fed Rate Cut Speculation
Gold (XAU/USD) recovered slightly from its intraday low reached early in the European session and traded with a mild negative bias.
Mixed signals from US Federal Reserve (Fed) officials opened the door to another interest rate cut in December and prompted profit-taking in the US Dollar (USD) after its recent rise to its highest level since late May. This proved to be a key factor providing some support for the non-yielding yellow metal.
Gold price at the time of this analysis was released was $4,069
- Buy if the price moves below $4,063
- Sell if the price moves below $4,075
Resistance 2: $4,104
Resistance 1: $4,087
Support 1: $4,059
Support 2: $4,042
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id