Gold Rises on Weak US Inflation Data
Gold edged up in early Asian trading. The European Union and Canada announced retaliatory tariffs against the US on Wednesday, further raising the prospect of a global trade war after the US imposed levies on global steel and aluminium imports.
Gold rallied to bring it back near a record, after weaker-than-expected US inflation supported further Federal Reserve monetary easing this year, while an escalating global trade war prompted safe-haven buying.
RECOMMENDATIONS
- Buy if price moves to $2,945
- Sell if price moves to $2,931
Resistance Level 2: $2,962
Resistance Level 1: $2,953
Support Level 1: $2,923
Support Level 2: $2,914
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