Gold Rises Ahead of US CPI Data
Gold rose during the North American session on Tuesday with buyers eyeing the $2,700 mark for the first time since November 25. One of the drivers of the yellow metal’s rise was expectations that the Federal Reserve (Fed) will cut interest rates at its December meeting. At the time of writing, XAU/USD was trading at $2,694, up 1.32%.
US economic data released on the day showed that small businesses have grown optimistic about the economy, according to a survey by the National Federation of Independent Business. However, traders are focused on the release of US inflation figures on the consumer and producer sides on Wednesday and Thursday, respectively.
RECOMMENDATION
- Buy if price moves at least to $2710
- Sell if price moves at least around $2690
Resistance Level 2: $2720
Resistance Level 1: $2715
Support Level 1: $2685
Support Level 2: $2680
DISCLAIME
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in trading before making an investment decision.
Source: newsmaker.id
