Gold Steady Ahead of US Data, Rate Path
Gold steadied after a two-day advance as traders weighed the outlook for the Federal Reserve’s easing path ahead of key jobs figures due later in the week. Gold bullion traded up 0.5% on Wednesday as a report showed U.S. private-sector hiring and wage growth slowed in December. The Fed will need to balance that with renewed inflation fears when deciding whether to cut interest rates, with the central bank's minutes from last month's meeting reiterating a more cautious approach to easing.
As of this writing, gold is trading at $2,660
RECOMMENDATION
- Buy if the price moves to around $2,655
- Sell if the price moves to around $2,665
Resistance Level 2: $2,680
Resistance Level 1: $2,670
Support Level 1: $2,650
Support Level 2: $2,640
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to developments in fundamental and technical aspects of trading before making investment decisions.
Source: Newsmaker.id
