Gold Prices Drop Below $2900 In Asia Session
Gold slumped below $2,900 an ounce on Thursday, extending its decline from Monday’s record high of $2,950, pressured by a stronger U.S. dollar.
Meanwhile, investors are also assessing uncertainty over tariffs ahead of key U.S. data. On Wednesday, President Trump added to the confusion over tariff prospects for Canada and Mexico, suggesting they would take effect on April 2 instead of the previously set March 4 deadline, while also proposing a “reciprocal” 25% tariff on cars and European Union goods.
Markets are also closely watching a slew of U.S. economic data due later in the day, including the second estimate of Q4 GDP growth later today and Friday’s PCE price data, the Fed’s preferred inflation measure, for further clues on monetary policy.
Gold was trading at $2,894/Toz at press time.
RECOMMENDATION
- Buy if price moves to $2901
- Sell if price moves to $2889
Resistance Level 2: $2913
Resistance Level 1: $2907
Support Level 1: $2884
Support Level 2: $2877
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
