Gold Holds Near Record High as Weak U.S. Data
Gold Holds Near Record High as Weak U.S. Data Sparks Higher Valuable Asset Buying
Gold is trading slightly below last week’s record high as unexpectedly weak economic data and rising inflation expectations helped boost demand for higher valuable assets. Gold is trading at $2,937 an ounce, after posting its eighth weekly gain, its longest winning streak since 2020. The rally was supported by a sharp increase in demand for bullion-backed exchange-traded funds, with holdings last week jumping the most since 2022.
As of this writing, gold is at $2,937
RECOMMENDATION
- Buy if price moves to $2,930
- Sell if price moves to $2,947
Resistance Level 2: $2,957
Resistance Level 1: $2,947
Support Level 1: $2,930
Support Level 2: $2,921
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: Newsmaker.id
