Gold Prices Rise on Stronger Demand for Safe Havens
Gold prices rose again, boosted by demand for safe havens amid low trading volumes after the Christmas holiday as markets await signals on the U.S. economy under the incoming Trump administration and the Federal Reserve’s interest rate strategy for 2025. Part of the rise in gold prices is related to what is happening in Ukraine with Russia’s attack on Ukraine’s power system. President Joe Biden said Wednesday that he asked the U.S. Defense Department to resume a surge in arms shipments to Ukraine after condemning Russia’s Christmas Day attacks on several Ukrainian cities and its power system. Until this news was released, the Gold Price was at $ 2,632
RECOMMENDATION
- Buy if the price moves to at least $ 2,647
- Sell if the price moves to at least around $ 2,620
Resistance Level 2: $ 2,647
Resistance Level 1: $ 2,642
Support Level 1: $ 2,620
Support Level 2: $ 2,615
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in the transaction before making an investment decision.