Investors Hunt for Gold, Risks Rise
Gold prices rose on Friday (January 23) as the US dollar weakened, making the precious metal cheaper for international buyers. Investors also sought safe-haven assets as inflation concerns continued to loom over global markets, despite US economic data showing solid growth.
In addition, geopolitical uncertainty and decisions by major central banks, including the Federal Reserve and the Bank of Japan, supported gold demand. This risk-off sentiment prompted investors to increase their gold positions as a hedge against market and currency fluctuations. (alg)
The gold price at the time of this analysis was $4,946
- Buy if the price is at $4,954
- Sell if the price is at $4,937
Resistance 2: $4,982
Resistance 1: $4,965
Support 1: $4,931
Support 2: $4,914
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