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Indonesia News Portal for Traders | Financial & Business Updates

24 December 2024 17:51  |

Gold Prices Steady Ahead of Christmas

Gold has been steady in quiet holiday trading but a stronger dollar is still weighing on the market, Pranav Mer, an analyst at JM Financial Services Ltd. in Mumbai, said in a note on Tuesday.

Earlier this month, the Fed reined in the number of interest rate cuts it expects in 2025 as Chairman Jerome Powell made clear that the central bank needs to see price pressures ease further. Lower borrowing costs are usually a positive for the precious metal, which pays no interest.

RECOMMENDATIONS

- Buy if price moves to at least $2,620

- Sell if price moves to at least around $2,610

 

Resistance Level 2: $2,627

Resistance Level 1: $2,620

 

Support Level 1: $2,610

Support Level 2: $2,603

 

DISCLAIMER

Note: This article is only an analysis and not a definitive reference. Pay attention to fundamental and technical developments in the transaction before making investment decisions.

Source: Newsmaker.id

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