Gold Prices Remain Steady Ahead of NFP
Gold was steady on Friday (2/5) at $3238 in the Asian session after experiencing a massive decline of more than 2% on Thursday.
The easing of trade tensions between the US and its trading partners has affected demand for safe haven assets, thus weighing on the precious metal
Meanwhile, investors are now pricing in a higher chance of a Federal Reserve (Fed) interest rate cut, although everything depends on the trade deal. This, in turn, could boost the price of non-yielding Gold.
The US April jobs report will be in focus on Friday as it could prompt the US Fed to start cutting interest rates sooner rather than later. This data is in the spotlight for market players to speculate
RECOMMENDATION
- Buy if the price moves to $ 3,243
- Sell if the price moves to $ 3,233
Resistance Level 2: $ 3,248
Resistance Level 1: $ 3,243
Support Level 1: $ 3,233
Support Level 2: $ 3,328
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