Gold Moves Higher Again in Europe
Gold is headed for a weekly decline, as traders weigh the outlook for interest rates after the U.S. Federal Reserve reduced expectations for a rate cut next year.
Bullion is trading above $2,605 an ounce, down 1.6% for the week. The Fed cut interest rates on Wednesday, but investors are more focused on comments from Chairman Jerome Powell, who said that while the bank is “on track to continue cutting,” officials must first see more progress on inflation. Lower interest rates are usually positive for gold, as it does not pay interest.
RECOMMENDATIONS
- Buy if price moves to a minimum of $2,608
- Sell if price moves to a minimum of around $2,598
Resistance Level 2: $2,622
Resistance Level 1: $2,615
Support Level 1: $2,591
Support Level 2: $2,584
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
