Gold Rises Ahead of US Data, Rate Path
Gold rose for a third day as traders weighed the outlook for the Federal Reserve’s easing path, ahead of key jobs figures due later Friday.
Bullion traded near $2,670 an ounce — hitting its highest level since mid-December but showing limited movement with some US financial markets closed on Thursday. Recent data showed US 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 minutes from its meeting last month reiterating a more cautious approach to easing. Lower borrowing costs are usually positive for gold, which does not bear interest.
Until this News Released, the Gold price was at $2,670
RECOMMENDATION
- Buy if the price moves to around $2,665
- Sell if the price moves to around $2,675
Resistance Level 2: $2.69
Resistance Level 1: $2,680
Support Level 1: $2,660
Support Level 2: $2,650
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id
