Gold Rise as Buyer Interest Renewed by Selloff
Gold rise 0.7% to $2,630 a troy ounce, as a sharp decline in prices last week prompted renewed interest. The precious metal had tumbled around 4.5% a week prior.
Since the arguments in favor of gold haven't changed, the lower price level is likely pulling in renewed buying interest, Commerzbank analysts say in a note. U.S. inflation is likely to rise noticeably due to the expected tariff policy of President-elect Trump, without the Fed reacting by tightening monetary policy, says Commerzbank's Carsten Fritsch.
Recommendations:
- Buy if the price moves at least at the $2635 level
- Sell if the price moves at least around the $2625 level
Resistance Level 2: $2648
Resistance Level 1: $2641
Support Level 1: $2619
Support Level 2: $2612
DISCLAIMER
Note: This article is only an analysis and not a definite reference. Keep paying attention to developments in fundamental and technical aspects in transactions before making investment decisions.
Source: newsmaker.id
