Gold Steady in European Session Starting the Week
After experiencing a moderate increase last week, the price of Gold is now trading in the area of $ 3022 in the European session on Monday (3/24).
Gold prices benefited from a weaker US dollar, increased central bank demand, and concerns about the potential for universal US tariffs, Deutsche Bank analysts said in a note. China, in particular, drove a larger portion of central bank demand at 48%, Deutsche Bank said.
The increase in bank demand was greater than the decline in global jewelry demand, which is expected to be at its lowest level since 1989 amid record high prices, the analysts wrote. There has been an increase in efforts to import gold into the US ahead of the potential universal tariffs, while higher US federal debt is expected to increase prices further, the analysts added.
RECOMMENDATION
- Buy if price moves to $3,027
- Sell if price moves to $3,017
Resistance Level 2: $3,032
Resistance Level 1: $3,027
Support Level 1: $3,017
Support Level 2: $3,012
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
