Gold Gains; Fed Rate Cut Prospects in Focus
Gold traded higher, hitting a daily high of $2625 in Asia amid continued prospects for a Fed rate cut.
Central bank speakers have played down concerns about an end to monetary easing, ANZ Research analysts wrote in a note.
They cited remarks from Chicago Fed President Austin Goolsbee who said interest rates would be significantly lower over the next 12-18 months, as long as inflation continues to fall towards the central bank’s 2% target.
In addition, geopolitical factors between Russia and Ukraine also boosted the yellow metal.
Gold prices at the time of this news release were +0.5% at $2,624/Toz.
Recommendation:
- Buy if the minimum price moves at the level of $2631
- Sell if the minimum price is around the level of $2617
Resistance Level 2: $2641
Resistance Level 1: $2636
Support Level 1: $2612
Support Level 2: $2607
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
