Gold Moves Stable at the End of the Week
Gold prices were in the $2,862 area on Friday (7/2) in Asian trading as the US jobs report awaited, while rising geopolitical tensions and economic concerns continued to support safe haven demand.
Trade war concerns have caused traders in London to shift metals to the US, fearing the possibility that bullion will not be exempt from potential tariffs. The precious metals market looks set to continue strengthening with prices likely to reach $3,000 per ounce within three months, Citigroup Inc. said in a note. The market is also trying to get a picture of the potential implications for the US economy and monetary policy if the new administration's policies on trade and immigration rekindle inflation and affect growth.
RECOMMENDATION
- Buy if price moves to $2,867
- Sell if price moves to $2,857
Resistance Level 2: $2,872
Resistance Level 1: $2,867
Support Level 1: $2,857
Support Level 2: $2,852
Note: This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: ads@ Newsmaker.id
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