Gold Hits $4,200, Ready to Go?
Gold prices edged up slightly and held around $4,210 per troy ounce, still comfortably above $4,200. Much weaker-than-expected US private employment data (ADP) weakened the dollar, increasing market confidence that the Fed will cut interest rates by 25 basis points next week. This is the "main fuel" for gold.
Going forward, gold's direction depends heavily on US jobless claims and PCE inflation data. If the data increasingly indicates a slowing economy and tame inflation, speculation about rate cuts will strengthen, and gold has the opportunity to rise further. If inflation remains high, gold's upside potential could be contained. Essentially, gold is currently in "waiting for confirmation" mode from US data.
The gold price at the time of this analysis was released was at $4,203.
- Buy if the price is at $4,204.
- Sell if the price is at $4,225.
Resistance 2: $4,232.
Resistance 1: $4,221.
Support 1: $4,199.
Support 2: $4,188.
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
