Gold Rises as Dollar Weakens, Safe-Haven Demand Rises
Gold rose in European trading on Friday as the dollar weakened and geopolitical concerns continued to mount. The precious metal gained on safe-haven demand amid the escalating Russia-Ukraine conflict.
However, prices continued to be weighed down by the dollar’s continued strength. The metal is down 3.5% in a month. Donald Trump’s victory in the U.S. presidential election in early November sparked a selloff as investors took profits and liquidated hedged positions.
RECOMMENDATION
- Buy if the price moves at least to $2,662
- Sell if the price moves at least around $2,652
Resistance Level 2: $2,676
Resistance Level 1: $2,668
Support Level 1: $2,646
Support Level 2: $2,638
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to developments in fundamental and technical aspects in transactions before making investment decisions.
Source: newsmaker.id