Gold Nears $3,000
Gold was steady in early Asia, supported by lingering concerns about the U.S. fiscal deficit. Investors are reassessing the longer-term outlook for U.S. sovereign risk after Moody’s Ratings downgraded the U.S. credit rating last week, Pepperstone’s Quasar Elizundia said in an email.
Safe-haven assets such as gold could see increased demand, the research strategist said. However, near-term upside for gold prices may be limited if ETF outflows continue, Elizundia said, noting that gold ETFs saw strong outflows of 30 tonnes last week. Spot gold was little changed at $3,298/oz.
RECOMMENDATION
- Buy if price moves to $3,008
- Sell if price moves to $3,288
Resistance 2: $3,318
Resistance 1: $3,008
Support 1: $3,288
Support 2: $3,278
Note: This article analysis is only and not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
