Gold steady below $2,700 as dollar firmer with Fed in focus
Gold prices were steady in Asian trade on Friday after posting a sharp decline in the previous session on a stronger dollar, as anticipation of a Federal Reserve meeting next week benefited the greenback.
However, the yellow metal held on to most of its gains this week, as safe-haven demand was supported by rising geopolitical tensions in the Middle East and Asia.
Spot gold was steady at $2,687.44 an ounce, while February gold futures were flat at $2,709.51 an ounce by 00:00 ET (05:00 GMT). Spot prices are trading up more than 2% this week.
The yellow metal pared some of its gains this week as the dollar strengthened ahead of next week's Fed meeting
As of this writing,Gold is at $2,684
RECOMMENDATION
- Buy if price moves to at least $2,674
- Sell if price moves to at least around $2,694
Resistance Level 2: $2,704
Resistance Level 1: $2,694
Support Level 1: $2,674
Support Level 2: $2,664
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
