Gold Gains as Middle East Tensions, Weak Dollar Lead
Gold prices rose on Thursday, boosted by rising tensions in the Middle East and a weaker dollar, while weaker-than-expected U.S. inflation data raised expectations for a Federal Reserve interest rate cut.
Spot gold rose 0.6% to $3,372.46 an ounce, as of 0202 GMT. U.S. gold futures rose 1.5% to $3,393.
Gold prices fell to a near two-month low, making dollar-priced bullion more attractive to overseas buyers.
RECOMMENDATION
- Buy if price breaks above $3,380
- Sell if price breaks above $3,366
Resistance 2: $3,394
Resistance 1: $3,387
Support 1: $3,359
Support 2: $3,352
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