Gold Prices Drop Again After Inflation Data Release
Gold was steady for a second day, as investors weighed the outlook for U.S. interest rates following inflation data that supported the case for a rate cut next month.
Bullion was near $2,625 an ounce, with pressure on the metal easing as the U.S. dollar rally lost steam. The U.S. dollar, which strengthened after President-elect Donald Trump’s victory, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers.
RECOMMENDATIONS
- Buy if price moves at least $2,630
- Sell if price moves at least around $2,620
Resistance Level 2: $2,644
Resistance Level 1: $2,637
Support Level 1: $2,613
Support Level 2: $2,606
DISCLAIMER
Note: This article is analysis only and is not a definitive reference. Pay attention to developments in fundamental and technical aspects of trading before making investment decisions.
Source: newsmaker.id