Gold Prices Soar, Beware of Corrections!
Gold hit an all-time high, continuing a remarkable rally fueled by geopolitical tensions and a weakening US dollar. Spot gold rose 1.2% to above $4,530 an ounce, influenced by tensions in Venezuela and the US offensive against ISIS in Nigeria.
The weakening US dollar also supported the surge in the precious metal. The Bloomberg Spot Dollar Index fell 0.7% this week, giving gold and silver room to continue strengthening. Large purchases by central banks and ETFs also contributed to the price increase. Furthermore, platinum also recorded a significant surge, rising 40% this month, driven by limited supply and high physical demand. (asd)
The gold price at the time of this analysis was $4,512
- Buy if the price is at $4,521
- Sell if the price is at $4,799
Resistance 2: $4,553
Resistance 1: $4,531
Support 1: $4,487
Support 2: $4,465
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