Gold Holds Gains Ahead of US Inflation Data
Gold prices rose in Europe on Tuesday (10/12), still supported by optimism about a Fed rate cut this month, fiscal stimulus from China and geopolitical tensions in the Middle East.
Investors are eyeing the release of the US Consumer Price Index (CPI) on Wednesday and the Producer Price Index (PPI) on Thursday, both of which are expected to have an impact on the Federal Reserve's interest rate cut decision.
Traders now see about a 90% chance of a 25 basis point rate cut next week, according to the CME FedWatch tool, up significantly from 73% last week.
RECOMMENDATION
- Buy if price moves to at least $2,670
- Sell if price moves to at least around $2,660
Resistance Level 2: $2,683
Resistance Level 1: $2,676
Support Level 1: $2,655
Support Level 2: $2,648
DISCLAIMER
Note: This article is only an analysis and is not a definitive reference. Pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source: newsmaker.id
