Gold Down After Hitting $3,500
Gold Down after hitting $3,500 an ounce for the first time as traders booked profits following a nearly 10% rally this month. Gold fell as much as 1.5% during U.S. trading hours after earlier surging to a new record as risk appetite improved with equities bouncing back, bonds and the dollar stabilizing.
The precious metal is also in overbought territory, indicating recent gains may be overdone.
RECOMMENDATIONS
- Buy if price moves to $3,403
- Sell if price moves to $3,393
Resistance Level 2: $3,417
Resistance Level 1: $3,410
Support Level 1: $3,386
Support Level 2: $3,379
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