China Fiscal Stimulus Boosts Gold
Gold prices continued their rally on Tuesday. China’s Politburo, promising further economic stimulus to support growth, and the resumption of Gold purchases by the People’s Bank of China (PBOC) acted as a boost for the precious metal.
Another source of support for Gold was safe-haven flows fueled by uncertainty in the Middle East, following the fall of the Bashar al-Assad regime in Syria, and political deadlock in France and Germany.
Finally, rising bets that the Federal Reserve (Fed) will cut interest rates next week pushed US yields to multi-week lows, providing additional support for the non-yielding metal.
RECOMMENDATION
- Buy if price moves to at least $2,688
- Sell if price moves to at least around $2,678
Resistance Level 2: $2,701
Resistance Level 1: $2,694
Support Level 1: $2,672
Support Level 2: $2,665
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
