Gold Prices Flat Ahead of Year-End
Gold prices (XAU/USD) attracted some sellers near $2,600 during the early Asian session on Tuesday (12/31). Traders await fresh catalysts, including the outlook for US interest rates and potential tariffs under President-elect Donald Trump. The market is likely to be quiet before the end of the year.
Meanwhile, the US Federal Reserve's (Fed) cautious stance could weigh on the yellow metal as higher interest rates tend to reduce the appeal of holding non-yielding assets. Fed Chair Jerome Powell hinted earlier this month that the US central bank may be cautious about further interest rate cuts after delivering a 25 basis point (bps) rate cut.
Gold prices started trading in the Asian session this morning at $2607/ Toz.
RECOMMENDATION
- Buy if price moves to around $2613
- Sell if price moves to around $2599
Resistance Level 2: $2623
Resistance Level 1: $2618
Support Level 1: $2589
Support Level 2: $2594
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.
Source: Newsmaker
