Gold surges again as USD weakens
Gold prices (XAU/USD) surged more than 2%, or over $70, on Monday as the greenback took a hit, despite upbeat economic data from the United States (U.S.) suggesting the economy remains solid.
The mood in the market improved following a report by the Institute for Supply Management (ISM) that service providers were confident of the resilience of the U.S. economy. The data suggested that prices were on the rise, fueled by U.S. President Donald Trump’s tariffs
Over the weekend, Trump announced a 100% tariff on foreign-made films while saying that the Federal Reserve (Fed) should lower interest rates. He said he would not remove Fed Chairman Jerome Powell before his term ends in May 2026.
As of this writing, Gold is at $3,333
RECOMMENDATION
- Buy if price moves to $3,325
- Sell if price moves to $3,340
Resistance Level 2: $3,353
Resistance Level 1: $3,343
Support Level 1: $3,323
Support Level 2: $3,313
Note:
This article is analysis only and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
