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Indonesia News Portal for Traders | Financial & Business Updates

18 November 2024 08:37  |

Gold Prices Strengthen Entering Asian Session

Gold (XAU/USD) prices strengthened in the $2580 area, ending a six-day losing streak during early Asian trading hours on Monday (11/18). However, the strength of the US Dollar (USD) may still limit the increase in the precious metal.

The Greenback rally after Donald Trump's victory in the general election could put selling pressure on USD-denominated Gold prices. Expectations of higher inflation next year due to Donald Trump's policies have led to fewer expected interest rate cuts

The gold price when this news was released was +1.1% or at the level of $2592 / Toz.

Recommendations

- Buy if the price moves at least at the level of $2599

- Sell if the price is at least around the level of $2585

Resistance Level 2: $2610

Resistance Level 1: $2604

Support Level 1: $2580

Support Level 2: $2575

DISCLAIME

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

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