Gold Down Again!
Gold weakened at the start of the Asian session on Tuesday (5/20). Gold prices are currently down slightly as demand for safe haven assets from Moody's downgrade for the US fades, and attention returns to easing trade tensions between the world's two largest economies.
The precious metal rallied early in the year as President Donald Trump's aggressive trade policies rattled global markets, but the gains have reversed in May as he halted or walked back many of his tariff threats. However, gold is still up more than a fifth this year, and is unlikely to suffer a sharp decline due to the uncertainty Trump has injected into the global economy.
RECOMMENDATION
- Buy if price moves to $3,234
- Sell if price moves to $3,214
Resistance 2: $3,244
Resistance 1: $3,234
Support 1: $3,214
Support 2: $3,204
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