Gold Slightly Up in Asia Session
Gold prices started the Asian session with a slight increase after previously closing lower on Friday. The increase occurred as the market anticipated signals from the US economy and the Fed's interest rate outlook for 2025 after the PCE data came in below expectations. Israel's attack on Yemen is also one of the factors driving gold at this time.
Gold, a non-yielding asset, gained traction as the below-forecast US PCE inflation data raised expectations for a limited Fed interest rate cut next year, hinting at the possibility of more cuts.
RECOMMENDATION
- Buy if the price moves to around $2,629
- Sell if the price moves to around $2,619
Resistance Level 2: $2,638
Resistance Level 1: $2,631
Support Level 1: $2,618
Support Level 2: $2,610
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