Gold Rises After US Inflation Data Release
Gold rose for a fourth straight day after a key U.S. inflation report bolstered expectations for a Federal Reserve rate cut when policymakers meet next week.
Bullion traded above $2,720 an ounce — near its highest level in more than two weeks — after consumer price data on Wednesday rose in line with expectations. The report reinforced bets for a 25-basis-point cut at the Fed’s final meeting of the year, with swaps traders now largely pricing in the move. Lower borrowing costs typically help bullion, since it doesn’t pay interest.
RECOMMENDATION
- Buy if price moves at least to $2,724
- Sell if price moves at least around $2,714
Resistance Level 2: $2,738
Resistance Level 1: $2,731
Support Level 1: $2,707
Support Level 2: $2,700
DISCLAIMER
Note: This article is only an analysis and not a definitive reference, Observe the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id
