Gold Heads for Weekly Decline
Gold prices fell on Friday (5/16) heading for a weekly decline of more than 3%, as easing global trade tensions weakened its appeal as a safe haven asset.
The U.S. and China recently agreed to temporarily reduce tariffs for 90 days, easing concerns about the long-term impact of their trade conflict. Geopolitical risks also appeared to ease, with the India-Pakistan ceasefire remaining stable.
As of this writing, Gold prices were at $3,215
RECOMMENDATION
- Buy if price moves to $3,220
- Sell if price moves to $3,210
Resistance 2: $3,234
Resistance 1: $3,227
Support 1: $3,203
Support 2: $3,196
Note: This article is analysis only and is not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id