Gold (XAU/USD) Trades little Changed
Gold (XAU/USD) trades little changed,holding steady in the $2,560s after making a slight recovery from the two-month lows reached on the previous day. A stronger US Dollar (USD) continues to put pressure on Gold since it is mainly priced and traded in the US currency. Sticky US inflation and positive labor market data, as well as upbeat comments from the Federal Reserve (Fed) Chairman Jerome Powell, led the US Dollar Index (DXY) to a new year-to-date high on Thursday, piling further pressure on the yellow metal.
Until this news was released, the Gold Price was at $2,566
Recommendations:
- Buy if the price moves at least at $2,553
- Sell if the price is at least around $2,575
Resistance Level 2: $2,590
Resistance Level 1: $2,575
Support Level 1: $2,553
Support Level 2: $2,540
DISCLAIMER
Note: This article is only an analysis and not a definite reference. Always pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source:newsmaker.id