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