Gold Steady in Positive Area on US Interest Rate Uncertainty
Gold held on to a four-day gain, with traders seeking refuge in the safe-haven asset as risk-off sentiment gripped markets amid renewed uncertainty over the Federal Reserve’s interest rate path.
Bullion was trading near its highest level in a month around $2,690 an ounce, after rising 1.9% last week despite headwinds from firmer bond yields and a stronger dollar. A report on Friday showed remarkable resilience in the U.S. labor market, leading economists at several major banks to revise down their forecasts for additional interest rate cuts.
While higher borrowing costs are usually negative for the non-interest-bearing precious metal, investors are bracing for more volatility ahead of Donald Trump’s return to the White House. A string of stronger-than-expected data last week prompted traders to cut equity risk in favor of safe-haven assets such as the dollar and gold, Pepperstone Group Ltd. Head of Research Chris Weston said in a note.
Until this news was released, the price of Gold was at the level of $ 2,687
RECOMMENDATION
- Buy if the price moves to around $ 2,682
- Sell if the price moves to around $ 2,692
Resistance Level 2: $ 2,707
Resistance Level 1: $ 2,697
Support Level 1: $ 2,677
Support Level 2: $ 2,667
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id
