Gold Seeks New Highs
Gold prices edged higher to a record high on Thursday morning (2/210) as fresh geopolitical tensions supported demand for the precious asset, with traders looking for past signs that the Federal Reserve is in no hurry to cut interest rates.
Meanwhile, investors were digesting the latest Fed minutes, which reiterated U.S. policymakers’ cautious stance on interest rates amid stubborn inflation and economic uncertainty. Lower borrowing costs tend to benefit bullion, as it does not pay interest.
RECOMMENDATIONS
- Buy if price moves to $2,945
- Sell if price moves to $2,935
Resistance Level 2: $2,950
Resistance Level 1: $2,945
Support Level 1: $2,935
Support Level 2: $2,930
Note:
This article is only an analysis and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
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