Gold Down as US Dollar Strengthens
Gold prices fell during the North American session as traders seeking safety bought the Greenback as US Treasury yields rose to their highest since November 2023.
A light economic data on Monday left investors digesting the latest US Nonfarm Payrolls figures for December. While the economy performed better than expected, with the figure rising by 256K beating estimates of 160K and 212K in November, traders are eyeing the release of US inflation data.
On Wednesday, the Consumer Price Index (CPI) for December will be released, with the reading expected to come in at 2.8% YoY, up from 2.7% in November. Core CPI, which excludes volatile items, is projected to remain unchanged at 3.3% YoY, unchanged from the last three months’ reading.
Until this news was released, the Gold Price was at $2,669
RECOMMENDATION
- Buy if the price moves to around $2,655
- Sell if the price moves to around $2,685
Resistance Level 2: $2,690
Resistance Level 1: $2,679
Support Level 1: $2,659
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
