Gold Prices Resume Decline Ahead of European Session
Gold prices reversed the Asian session decline to the $2,688 area and are currently trading just below the one-month highs hit on Friday, although the upside appears limited.
The upbeat US Nonfarm Payrolls (NFP) report reinforced market expectations that the Federal Reserve (Fed) will halt its interest rate-cutting cycle later this month.
This, coupled with persistent geopolitical risks, dampened investors’ appetite for riskier assets, as evident from the weaker tone around equity markets and acted as a tailwind for the safe-haven precious metal.
RECOMMENDATION
- Buy if price moves to around $2,693
- Sell if price moves to around $2,683
Resistance Level 2: $2,707
Resistance Level 1: $2,700
Support Level 1: $2,676
Support Level 2: $2,669
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.id