Gold Drops Below $3300 In Asian Session
Gold (XAU/USD) prices fell in early Asia on Monday (5/12), pressured by a stronger US Dollar.
Meanwhile, optimism in US-China trade talks in Geneva, Switzerland, over the weekend has dragged the precious metal lower.
The US and China reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war. China's Vice Premier He Lifeng described trade talks with US officials as “an important first step” in stabilising bilateral trade relations.
Additionally, US Treasury Secretary Scott Bessent said the two sides made “substantial progress. Nonetheless, traders will keep an eye on the US-China trade talks details, which the US will share detail on Monday.
The price at the time of this news release was gold trading at the level of $3261/ Tozz.
RECOMMENDATION
- Buy if price moves to $3270
- Sell if price moves to $3253
Resistance 2: $3285
Resistance 1: $3276
Support 1: $3247
Support 2: $3240
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