Gold Prices Continue to Shine
Gold prices (XAU/USD) continued to maintain strong gains during the early European session and are currently trading near a two-week high, just below the $2700 level.
Ongoing geopolitical risks due to the worsening Russia-Ukraine conflict helped the safe-haven precious metal extend its weekly uptrend for the fifth straight day.
In addition, expectations that US President-elect Donald Trump’s expansionary policies could reignite inflationary pressures turned out to be another factor that benefited the commodity, which is considered a hedge against inflation.
Gold prices at the time of this news release were at $2693/ Toz.
Recommendations:
- Buy if the price moves at least at the $2698 level
- Sell if the price moves at least around the $2688 level
Resistance Level 2: $2708
Resistance Level 1: $2703
Support Level 1: $2683
Support Level 2: $2678
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Keep an eye on the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id