Gold Strengthens Amid Economic & Geopolitical Concerns
Gold prices strengthened on Monday (December 8th) as market expectations grew that the Federal Reserve would cut interest rates in the near future. Stable US inflation data provided room for the Fed to consider policy easing, encouraging investors to return to safe-haven assets. The price strengthening was also bolstered by a weakening US dollar, which made gold more attractive to foreign buyers. Amid this positive sentiment, gold managed to rebound from its previous consolidation level and demonstrate short-term bullish momentum.
In addition to monetary policy factors, global geopolitical tensions and concerns about an economic slowdown in several regions have also increased demand for safe-haven assets such as gold. Investors appear to be increasing their exposure to precious metals ahead of a series of important economic data releases this week. (alg)
Gold price at the time of this analysis was released was at $4,210
- Buy if the price is at $4,217
- Sell if the price is at $4,203
Resistance 2: $4,231
Resistance 1: $4,224
Support 1: $4,196
Support 2: $4,189
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
