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Indonesia News Portal for Traders | Financial & Business Updates

16 December 2024 21:37  |

Gold strengthens after US dollar drops on weak US data

Gold (XAU/USD) started the week on a relatively positive note, with the US dollar (USD) weighed down by a slight decline in US Treasury yields and weaker-than-expected US manufacturing figures. However, the precious metal remains close to recent lows after a 2.5% sell-off late last week.

US Treasury yields fell on Monday after a sharp rally last week, taking some of the recent bullish pressure off the US dollar. Investors appeared cautious about placing directional US dollar bets as they prepare for the all-important Federal Reserve (Fed) monetary policy decision on Wednesday.

As of this news release, gold is at $2,658

RECOMMENDATION

- Buy if the price moves to at least $2,650

- Sell if the price moves to at least around $2,665

Resistance Level 2: $2,670

Resistance Level 1: $2,665

 

Support Level 1: $2,650

Support Level 2: $2,645

DISCLAIMER

Note: This article is only an analysis and 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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