Gold Down Slightly as Risk Sentiment Improves
Gold prices edged lower during the early Asian session on Tuesday (5/13). The precious metal held steady on the back of a stronger US Dollar (USD), higher US yields and optimism over a US-China trade deal.
Improved risk sentiment following the announcement of an interim deal between the United States (US) and China to reduce tariffs has weighed on safe-haven assets, such as gold prices. The US will cut additional tariffs it imposed on Chinese imports in April this year to 30% from 145%, and China’s duties on US imports will be reduced to 10% from 125%. The new measures will be effective for 90 days.
Until this news was released, the price of gold was at the level of $ 3,236
RECOMMENDATION
- Buy if the price moves to $ 3,241
- Sell if the price moves to $ 3,231
Resistance 2: $ 3,255
Resistance 1: $ 3,248
Support 1: $ 3,224
Support 2: $ 3,217
Note: This article is analysis only and not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
