Gold Falls, Investors Watch Fed & Global Risks
Gold briefly held around $4,660/oz, while silver surged more than 4%. This surge occurred as the market entered risk-off mode: the dollar weakened, investors reduced risky assets, and funds flowed heavily into "safe" instruments like precious metals.
The main trigger came from Trump's announcement of 10% tariffs on eight European countries—from France, Germany, the UK, to Denmark, Sweden, the Netherlands, Finland, and Norway—for rejecting the US plan regarding Greenland. These tariffs are set to take effect on February 1 and could increase to 25% in June, raising fresh fears of a US-Europe trade war.
The gold price at the time of this analysis was $4,660
- Buy if the price is at $4,667
- Sell if the price is at $4,655
Resistance 2: $4,684
Resistance 1: $4,672
Support 1: $4,648
Support 2: $4,636
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