Gold Prices Rise on Geopolitical Uncertainty
Gold rise around 1.8% on macroeconomic concerns. Economic uncertainty, the threat of intensified trade wars under a Trump administration and the potential escalation of conflicts in Ukraine and the Middle East are likely boosting gold's appeal as a safe-haven.
There is growing scepticism over Trump's claims he could end the wars quickly, and escalating tensions further complicates the scene, gold may face short-term pressure. The acceleration of inflation in the U.S. after Trump's victory and cautious statements from the Federal Reserve have diminished expectations of an interest rate cut in January. Higher interest rates typically damp the appeal of non-yielding bullion.
Recommendations:
- Buy if the minimum price moves at the level of $2615
- Sell if the minimum price is around the level of $2605
Resistance Level 2: $2628
Resistance Level 1: $2621
Support Level 1: $2599
Support Level 2: $2592
DISCLAIMER
Note: This article is only an analysis, not a definite reference. Keep an eye on the development of fundamental and technical aspects in transactions before making investment decisions.
Source: newsmaker.id
