Gold Rises Ahead of US Data
Gold edged higher after posting its biggest speculative gain since 2010, with traders pricing in the prospect of slower monetary easing by the Federal Reserve in 2025.
"Despite the Fed's cautious tone, continued central bank buying and geopolitical uncertainties are expected to keep gold in focus as a preferred safe-haven asset," Kaynat Chainwala, an analyst at Kotak Securities, wrote in a note.
RECOMMENDATION
- Buy if price moves to around $2,643
- Sell if price moves to around $2,629
Resistance Level 2: $2,653
Resistance Level 1: $2,648
Support Level 1: $2,624
Support Level 2: $2,619
DISCLAIMER
Note: This article is only an analysis and is not a definitive reference. Please pay attention to the developments in the fundamental and technical aspects of the transaction before making any investment decisions.
Source: Newsmaker