Safe Haven Demand Under Pressure!
Demand for safe haven gold has been hit by signs that the White House may be making progress in negotiations with some trading partners.
Funds held in gold-backed exchange-traded funds have posted outflows for five straight weeks since peaking at their highest level in more than a year in mid-April, according to Bloomberg calculations.
Investors are now weighing the prospect of improved trade relations between the U.S. and the EU.
RECOMMENDATIONS
- Buy if price moves to $3,354
- Sell if price moves to $3,334
Resistance 2: $3,364
Resistance 1: $3,354
Support 1: $3,334
Support 2: $3,324
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