Gold Moves Negative In Europe
Gold (XAU/USD) prices maintained their negative bias through the first half of the European session on Friday (17/1), albeit lacked any follow-through selling and remained near one-month highs touched the previous day.
The US Dollar (USD) regained some positive traction and for now, seems to have snapped three consecutive days of losing streak amid growing acceptance that the Federal Reserve (Fed) will pause its interest rate-cutting cycle later this month. This, along with a generally positive tone around the equity markets, turned out to be key factors undermining the precious metal.
Meanwhile, expectations that softer inflation in the US will allow the Federal Reserve (Fed) to cut interest rates further this year should keep a lid on any further USD appreciation and lend some support to the non-yielding Gold prices.
RECOMMENDATION
- Buy if price moves to around $2.712
- Sell if price moves to around $2.702
Resistance Level 2: $2.726
Resistance Level 1: $2.719
Support Level 1: $2.695
Support Level 2: $2.688
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
