Greenland Heats Up, Gold Explodes Again!
Gold rises to a new record as the Greenland crisis worsens and investors seek safe havens. Trump remained silent in Davos, while the Greenlandic PM urged citizens to prepare for the remote possibility of an invasion. Spot gold briefly touched $4,781.19/oz and at 7:59 a.m. Singapore time, it was up 0.3% at $4,775.40/oz. Silver also rose 0.3% to $94.8940, nearing an all-time high.
The US tariff hike on eight European countries fueled trade war fears and pressured the dollar. The Bloomberg Dollar Spot Index fell 0.1% after falling 0.5% in the previous two sessions. The Japanese government bond meltdown also reinforced the debasement trade narrative—investors are increasingly moving away from currencies and bonds and opting for gold.
The gold price at the time of this analysis was $4,775
- Buy if the price is at $4,793
- Sell if the price is at $4,761
Resistance 2: $4,839
Resistance 1: $4,816
Support 1: $4,474
Support 2: $4,724
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
