Gold Down Ahead of European Session
Gold attracted some sellers following an intraday rally that re-approached all-time highs and traded in neutral territory heading into the European session on Tuesday (February 4).
However, the decline remained muted amid concerns about the potential economic impact of US President Donald Trump’s trade tariffs, which may continue to support safe-haven bullion.
In addition, expectations that Trump’s protectionist policies will lead to higher US inflation could further benefit the precious metal’s status as a hedge against rising prices.
Meanwhile, Trump’s decision to temporarily suspend tariffs on Mexico and Canada, after reaching a border security deal with the two countries, boosted investor confidence.
RECOMMENDATIONS
- Buy if price moves to $2,818
- Sell if price moves to $2,808
Resistance Level 2: $2,827
Resistance Level 1: $2,820
Support Level 1: $2,801
Support Level 2: $2,794
Note: This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in the trade before making any investment decisions.
Source: Newsmaker.id
