Gold Falls Slightly, Market Remains "Volatile"
Gold weakened after two days of gains as traders began to take profits, while the market remained volatile following the sharp drop in late January. In the Asian session, prices fell as much as 1.4% and returned below $5,000 an ounce before paring losses. Spot gold fell 0.8% to $5,015.98 an ounce at 7:31 a.m. Singapore time, with pressure also spreading to silver, which fell 2.1% to $81.64, and platinum and palladium, which also weakened.
Market focus now turns to a series of US economic data this week—the January jobs report on Wednesday and inflation data on Friday—which could shift Fed interest rate expectations and directly impact the dollar and gold. The situation has become even more sensitive after US President Donald Trump nominated Kevin Warsh as the next head of the US central bank, making gold's movement susceptible to reversals: gains could be swift, but corrections could also come suddenly. (az)
The price of gold at the time of this analysis is $5,020
- Buy if the price moves below $5,027
- Sell if the price moves below $5,013
Resistance 2: $5,041
Resistance 1: $5,034
Support 1: $5,006
Support 2: $4,999
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
