Gold Upbeat in Europe
Gold rose on Thursday (06/05) in European trading, Gold continued to rise, A decline in hiring and a contraction in US service activity have raised expectations of monetary policy easing to avoid a recession. Lower interest rates usually benefit non-interest-bearing bullion.
At the same time, demand for gold as a safe haven asset is also prominent, ANZ said. US relations with China and the European Union continue to deteriorate as President Trump doubled steel and aluminium tariffs to 50%, ANZ said.
RECOMMENDATION
- Buy if price breaks above $3,394
- Sell if price breaks above $3,374
Resistance 2: $3,414
Resistance 1: $3,404
Support 1: $3,364
Support 2: $3,354
Note: This article is for analytical purposes only and is not a definitive reference. Please pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id