Gold gains on worsening global risk sentiment
Gold (XAU/USD) rose sharply on Tuesday, supported by converging geopolitical conflicts, trade policy uncertainty and investor defensiveness ahead of the Federal Reserve’s (Fed) interest rate decision on Wednesday and Chairman Jerome Powell’s press conference.
Investors are seeking protection from rising global risks and a weaker US Dollar (USD). Gold’s rally reflects deepening global jitters.
As of this writing, Gold is trading at $3,413
RECOMMENDATION
- Buy if price moves to $3,405
- Sell if price moves to $3,420
Resistance Level 2: $3,435
Resistance Level 1: $3,425
Support Level 1: $3,400
Support Level 2: $3,385
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