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Indonesia News Portal for Traders | Financial & Business Updates

16 December 2024 07:42  |

Gold Strengthens Early in the Week

Gold was at $2,650 on Monday (12/16) in early Asian trading. Gold prices gained slightly as the Federal Reserve’s final interest rate decision of the year looms, with traders also weighing the policy outlook for 2025.

The Fed is widely expected to cut interest rates by a quarter point at its meeting on Wednesday, and swaps traders are pricing in a total of three quarter-point rate cuts over the next 12 months. Lower interest rates are generally positive for gold, as it does not pay interest.

RECOMMENDATIONS

- Buy if price moves to at least $2,655

- Sell if price moves to at least around $2,645

 

Resistance Level 2: $2,655

Resistance Level 1: $2,650

 

Support Level 1: $2,645

Support Level 2: $2,640

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

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