Gold Slowly Recovers After Sharp Drop
Gold prices are slowly recovering from their fairly sharp decline at the start of the Asian trading session on Monday (4/7).
Gold prices fell about 2% to $2,970, this is still supported by profit-taking actions that are very dominant accompanied by the effects of the trade war.
Bullion, which has repeatedly touched record highs in recent weeks, fell as much as 2.2% to below $3,000 an ounce, while copper fell as much as 7.7% in London, the most in five years. This follows the metal's rout against oil that saw the Bloomberg Commodity Index plunge 5.8% last week, its worst performance since 2022.
RECOMMENDATION
- Buy if price moves to $3,054
- Sell if price moves to $3,034
Resistance Level 2: $3,064
Resistance Level 1: $3,054
Support Level 1: $3,034
Support Level 2: $3,024
Note:
This article is only analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
