Gold Holds Above $3,300
Gold (XAU/USD) prices eased from near two-week highs around $3,345-$3,346 region touched on Thursday, and traded with a mild positive bias during the early European session.
A modest US Dollar (USD) uptick was seen as a key factor behind the commodity’s intraday decline, though a meaningful pullback seems elusive.
Growing acceptance that the Federal Reserve (Fed) will lower borrowing costs further by 2025 and concerns about rising US deficits should keep a lid on the USD, which should act as a tailwind for the non-yielding yellow metal.
RECOMMENDATION
- Buy if price moves to $3,314
- Sell if price moves to $3,300
Resistance 2: $3,328
Resistance 1: $3,321
Support 1: $3,293
Support 2: $3,286
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