Gold Rises as Trade Tensions Uncertain
Gold rose early in Asia (30/05) after a federal appeals court offered Trump a temporary reprieve from a ruling that threatens to throw out much of his tariff agenda. A weaker dollar also helped, driven by rising fiscal risks and renewed political pressure on the Federal Reserve to cut interest rates.
Disappointing data on Thursday showed the U.S. economy shrank at the start of the year, due to weaker consumer spending and a bigger impact from the trade war than previously reported.
Meanwhile, tensions with China resurfaced this week after the administration announced it would begin revoking visas for Chinese students, while also introducing new restrictions on the sale of chip design software that drew a sharp rebuke from Beijing.
RECOMMENDATION
- Buy if price moves to $3,327
- Sell if price moves to $3,307
Resistance 2: $3,337
Resistance 1: $3,327
Support 1: $3,307
Support 2: $3,297
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
