Gold Continues Strengthening In Europe
Gold (XAU/USD) prices maintained their bullish bias heading into the European session on Friday (1/24) and touched a fresh multi-month high, around the $2,778 region in the last hour.
Comments by US President Donald Trump, who said that he would prefer not to use tariffs on China, helped ease trade war fears and inflation concerns.
This, in turn, triggered a fresh leg down in the US Treasury bond yields amid Trump’s call for lower interest rates, which dragged the US Dollar (USD) to a one-month low and boosted demand for the non-yielding yellow metal.
RECOMMENDATION
- Buy if price moves to $2,777
- Sell if price moves to $2,767
Resistance Level 2: $2,791
Resistance Level 1: $2,784
Support Level 1: $2,760
Support Level 2: $2,753
Note: This article is analysis only and not a definitive reference. Considering fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id