Gold Down as Dollar Gains on Trump’s Trade Framework with UK
Gold fell as the dollar extended gains after President Donald Trump announced a trade framework with the UK, sapping demand for safe-haven assets stemming from concerns about a global trade war.
Trump said the full details of the pact would be negotiated over the coming weeks. But under the agreement, Britain will speed up the process of levying tariffs on American goods and reduce barriers to agricultural, chemical, energy and industrial exports.
Among other factors, the Federal Reserve kept interest rates unchanged, and Chairman Jerome Powell said the central bank was in no rush to cut rates despite trade uncertainty.
As of this news release, Gold price is at $3,309
RECOMMENDATION
- Buy if price moves to $3,333
- Sell if price moves to $3,315
Resistance Level 2: $3,329
Resistance Level 1: $3,319
Support Level 1: $3,300
Support Level 2: $3,290
Note: This article is only an analysis and not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
