Gold Continues Rise Above $2,700 Level
Gold prices continued their climb above the $2,700 level on Thursday, after U.S. retail sales data rose less than expected in December and initial jobless claims rose sharply in January, weakening the dollar slightly.
The results also support the Fed's interest rate cut to prevent a sharper economic slowdown this year, after yesterday's softer core CPI figure hit gold prices.
Elsewhere, Israel and Hamas reached a ceasefire and hostage agreement, easing demand for safe-haven assets.
RECOMMENDATIONS
- Buy if price moves to around $2.727
- Sell if price moves to around $2.717
Resistance Level 2: $2.740
Resistance Level 1: $2.733
Support Level 1: $2.711
Support Level 2: $2.704
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to developments in fundamental and technical aspects in trading before making investment decisions.
Source: Newsmaker.id