Gold prices surge and seek new highs
Gold (XAU/USD) prices surged higher on Tuesday after the market decided to focus on the US debt issuance that will shake up the bond market this week with a large allocation of 10-year and 30-year bonds.
Market participants are starting to worry whether the large amount of debt and its size does not pose a risk that a larger premium will need to be paid (higher interest rates) to get the allocation of issuance.
The market also remains wary of a series of recent comments and headlines about the US tariff plan that President-elect Donald Trump wants to implement.
RECOMMENDATIONS
- Buy if the price moves to around $2658
- Sell if the price moves to around $2644
Resistance Level 2: $2668
Resistance Level 1: $2663
Support Level 1: $2639
Support Level 2: $2634
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in trading before making investment decisions.
Source: Newsmaker