Gold Corrected in Asian Morning Session
Gold prices weakened in early Asian trading this morning, gold prices were at US$ 3,276 per troy ounce. The precious metal fell after reaching its highest level last week amid easing trade war tensions.
US Agriculture Secretary Brooke Rollins said on Sunday that the Trump administration was having daily conversations with China about tariffs. Rollins noted that there were ongoing talks between the two countries and that trade deals with other countries were "very close."
US President Donald Trump's announcement of broad and high tariffs in early April sparked concerns that the US economy would experience a recession in recent weeks. The International Monetary Fund (IMF) warned last week that the US faced an increasing risk of recession as Trump's trade war pushed the global economy into a significant slowdown. This could provide fresh air for Gold prices.
RECOMMENDATION
- Buy if price moves to $3,281
- Sell if price moves to $3,271
Resistance Level 2: $3,292
Resistance Level 1: $3,286
Support Level 1: $3,261
Support Level 2: $3,252
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
