Gold Weakens Ahead of NFP Data
Gold prices weakened in recent trading as the US dollar strengthened and US government bond yields rose, after economic data demonstrated the resilience of the US economy. Market participants believe this could force the Federal Reserve to maintain its tight interest rate policy for longer, reducing the appeal of non-yielding gold.
In addition, selling pressure also emerged from investor profit-taking following gold's rally in recent weeks. Market focus is now on the release of further economic data and statements from Fed officials, which will determine the direction of future monetary policy and determine gold's short-term price movements.
The gold price at the time of this analysis was $4,469
- Buy if the price is at $4,476
- Sell if the price is at $4,462
Resistance 2: $4,490
Resistance 1: $4,483
Support 1: $4,462
Support 2: $4,448
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