Gold Holds Steady, Holds Near One-Month High
Gold prices traded flat in the mid-day U.S. session on Friday, holding near a one-month high and on track for a third weekly gain.
Recent U.S. economic data, including cooler-than-expected core inflation and disappointing retail sales figures, have reignited hopes that the Federal Reserve could cut interest rates more than once this year.
In addition, the potential for tariffs under the incoming Donald Trump administration, which could further fuel inflation, has also strengthened gold’s position as an inflation hedge. On the geopolitical front, a ceasefire and hostage release agreement between Israel and Hamas have reduced demand for safe-haven assets. The precious metal has gained about 1% so far this week.
RECOMMENDATION
- Buy if price moves to around $2.721
- Sell if price moves to around $2.711
Resistance Level 2: $2.734
Resistance Level 1: $2.727
Support Level 1: $2.705
Support Level 2: $2.698
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
