Gold Down as U.S.-China Tensions Ease
Gold fell on Wednesday, giving back gains from the previous session, as easing trade tensions between the U.S. and China continued to weigh on its safe-haven appeal.
Additionally, bullion found some support after the annual U.S. inflation rate eased to 2.3% in April—the lowest since February 2021 and below market expectations of 2.4%. The report supported the non-yielding metal, as it gave the Federal Reserve more latitude to continue with potential interest rate cuts.
Until this news was released, the price of gold was at the level of $ 3,238
RECOMMENDATION
- Buy if the price moves to $ 3,243
- Sell if the price moves to $ 3,233
Resistance 2: $ 3,257
Resistance 1: $ 3,250
Support 1: $ 3,226
Support 2: $ 3,219
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