Gold Stable in the $2590s Area in Asian Session
Gold prices are still stuck in the $2590s area after yesterday having pared a little from the big decline that occurred after Powell's comments on the interest rate projections for next year. The yellow metal had even previously touched its highest level of the day at $2626 although it eventually had to fall back due to strong US economic data.
The US economy grew faster in the third quarter than previously estimated, partly due to stronger consumer spending and exports. Gross domestic product (GDP) increased at an annualized rate of 3.1% in the third quarter, the third estimate of figures from the Bureau of Economic Analysis showed on Thursday (12/19). That compared to the previous projection of 2.8%. Consumer spending was raised to 3.7% from 3.5%. Meanwhile, the number of people filing for unemployment benefits fell to 220k.
RECOMMENDATION
- Buy if the price moves to a minimum of $2598
- Sell if the price moves to a minimum of around $2588
Resistance Level 2: $2612
Resistance Level 1: $2600
Support Level 1: $2584
Support Level 2: $2573
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
