Gold Corrects After Touching $3,500
Gold (XAU/USD) price showed no signs of exhaustion and continued its rally higher, hitting another record high of $3,500 in early Asian trade on Tuesday.
However, the price action has eased off a bit, with Gold dropping back to around $3,460 at the time of writing due to some profit-taking at the psychological level.
Some markets around the world are returning to normal trading regimes after the holiday-tinged Easter price action, with Good Friday and Easter Monday seeing reduced trading volumes due to bank holidays.
This week’s rally was driven by rising uncertainty and pressure on the independence of the Federal Reserve (Fed) and its Chairman Jerome Powell.
RECOMMENDATION
- Buy if price moves to $3,445
- Sell if price moves to $3,430
Resistance Level 2: $3,459
Resistance Level 1: $3,452
Support Level 1: $3,423
Support Level 2: $3,416
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