Gold Continues Gains In European Session
Gold (XAU/USD) prices rose to a one-week high, surpassing the $3,350 level during the early European session on Monday (July 2) and looks set to continue rising amid a combination of supportive factors.
The Personal Consumption Expenditures (PCE) Price Index released on Friday further showed signs of easing inflationary pressures in the US and strengthened the case for further interest rate cuts by the Federal Reserve (Fed).
This, in turn, prompted fresh US Dollar (USD) selling and acted as a tailwind for the non-yielding yellow metal.
RECOMMENDATIONS
- Buy if price breaks above $3,357
- Sell if price breaks above $3,343
Resistance 2: $3,371
Resistance 1: $3,364
Support 1: $3,326
Support 2: $3,319
Note: This article is for analytical purposes only and is not a definitive reference. Please be aware of the fundamental and technical developments in the trade before making any investment decisions.
Source: Newsmaker.id