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Indonesia News Portal for Traders | Financial & Business Updates

21 November 2024 00:29  |

Gold pushes higher on simmering Russia-Ukraine tensions

Gold (XAU/USD) recovers after a weak start to trade above $2,640s during the US session on Wednesday as geopolitical tensions in the Ukraine theatre of war ratchet up and drive fresh safe-haven flows into the precious metal.

Gold had a weak start due mostly to the effect of a stronger US Dollar (USD), and since Gold is mainly priced and traded in USD, this automatically has the effect of lowering its price, all other things being equal.

Recommendations:

- Buy if the price moves at least at the $2655 level

- Sell if the price moves at least around the $2645 level

Resistance Level 2: $2668

Resistance Level 1: $2661

 

Support Level 1: $2639

Support Level 2: $2632

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

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