Gold Prices Surpass $2,700 as Fed Turns Dovish
Gold prices surged above the $2,700 mark as the Dollar pared some of its earlier gains. Data from the United States (US) revealed that the economy remains solid after the release of consumer spending and jobs data. US Treasury yields fell as traders expect further easing by the Federal Reserve (Fed). At the time of writing, XAU/USD was trading at $2,715, up 0.72%.
Bullion extended its gains as market participants prepared for the inauguration of US President-elect Donald Trump. The US Census Bureau revealed that Retail Sales missed estimates in December. However, November’s data was revised up, indicating consumer strength.
Other data showed that the number of Americans filing for unemployment insurance jumped for the first time since December 7, 2024, weighing on the Greenback.
Until this news was released, the price of Gold was at the level of $ 2,715
RECOMMENDATION
- Buy if the price moves to around $ 2,700
- Sell if the price moves to around $ 2,725
Resistance Level 2: $ 2,730
Resistance Level 1: $ 2,725
Support Level 1: $ 2,705
Support Level 2: $ 2,700
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
