Gold Potentially Down on Profit-Taking Action
Gold is consolidating in early Asian trade, but potential profit-taking action may weigh after front-month gold futures closed at a new record high overnight.
The recent uptrend in the precious metal has coincided with negative signs about the future of economic activity and the labor market in the US.
This source of uncertainty has added to the prevailing global uncertainty such as concerns over trade conflicts between the US and the rest of the world.
As of this news release, Gold Price is at $2,948
RECOMMENDATION
- Buy if price moves to $2,935
- Sell if price moves to $2,955
Resistance Level 2: $2,968
Resistance Level 1: $2,958
Support Level 1: $2,938
Support Level 2: $2,928
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