Gold prices remain under pressure
Gold (XAU/USD) prices triggered some extended selling for the second straight day and fell to a more than two-week low as Speculation that the Federal Reserve (Fed) will maintain its hawkish stance on the back of persistently high inflation helped the dollar extend this week’s recovery from its lowest level since December 10. This turned out to be a key factor driving flows away from the non-yielding yellow metal.
Gold price at the time of this news release was at $2,864
RECOMMENDATION
- Buy if price moves to $2,855
- Sell if price moves to $2,870
Resistance Level 2: $2,885
Resistance Level 1: $2,875
Support Level 1: $2,855
Support Level 2: $2,850
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