Gold Weakens Again, $5,000 Area Begins to Be Tested Again
Gold prices fell again after two days of gains, as traders began to take profits amidst a volatile market. Pressure also came from a slightly stronger US dollar, making gold more expensive for buyers outside the US.
The market is now focused on US economic data that could potentially change interest rate expectations: retail sales, the pending NFP report, and this week's inflation. If US data is strong, the dollar and yields could rise—usually pressuring gold. However, if the data is weak, the possibility of a Fed rate cut increases, which could act as a cushion for gold.
The gold price at the time of this analysis is $5,048
- Buy if the price moves below $5,051
- Sell if the price moves below $5,043
Resistance 2: $5,061
Resistance 1: $5,053
Support 1: $5,037
Support 2: $5,029
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