Gold Rises Amid Global Economic Uncertainty
Gold prices strengthened on Monday (January 19) as demand for safe-haven assets increased amid global uncertainty. Concerns about a global economic slowdown, geopolitical tensions, and unclear trade policy directions prompted investors to turn to gold as a hedge, supporting price movements.
In addition, the weakening US dollar and expectations that major central banks will maintain a more accommodative monetary policy stance also supported gold's rise. Bond yields, which tended to be stable or declining, maintained gold's appeal as a non-yielding asset, maintaining the upward momentum of the precious metal's price.
The gold price at the time of this analysis was $4,666
- Buy if the price is at $4,640
- Sell if the price is at $4,658
Resistance 2: $4,689
Resistance 1: $4,677
Support 1: $4,653
Support 2: $4,641
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