Gold Retreats to $2,997 Area
Gold prices were steady early in Asia on Wednesday as traders braced for the U.S. to raise tariffs on Chinese goods to as high as 104%, a move Beijing is widely expected to retaliate against as hopes fade that a brutal global trade war can be avoided.
The precious metal still has more upside, having risen more than 13% this year on central bank buying and inflows into exchange-traded funds. Markets are also betting that rising volatility could prompt the Federal Reserve to accelerate interest rate cuts to stave off a recession. Lower rates typically benefit gold, which pays no interest.
RECOMMENDATION
- Buy if price moves to $3,002
- Sell if price moves to $2,992
Resistance Level 2: $3,008
Resistance Level 1: $3,002
Support Level 1: $2,992
Support Level 2: $2,986
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
