Gold Down Ahead of US Data
Gold (XAU/USD) prices maintained their negative bias below the $3,300 mark through the early European session on Friday (5/30), albeit lacked any follow-through selling.
The US dollar (USD) attracted some buyers as they repositioned ahead of the crucial US inflation report, which in turn, was seen as a key factor undermining the commodity.
However, concerns about worsening US fiscal conditions, coupled with bets that the Federal Reserve (Fed) will lower borrowing costs further in 2025, might cap gains for the USD and offer some support to the non-yielding yellow metal.
RECOMMENDATION
- Buy if price breaks above $3,301
- Sell if price breaks above $3,287
Resistance 2: $3,315
Resistance 1: $3,308
Support 1: $3,280
Support 2: $3,273
Note: This article is for analysis purposes only and is not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id