Moderate Gains, Gold Approaches $3,350 Ahead of Key Data
Gold (XAU/USD) attracted some buyers for the second straight day on Thursday (6/26) and maintained its positive bias through the first half of the European session.
The US Dollar (USD) selling remained unabated amid reports that US President Donald Trump is considering replacing Federal Reserve (Fed) Chairman Jerome Powell, which raised concerns about the central bank’s future independence.
Also, bets that the Fed will resume its rate-cutting cycle as early as July dragged the USD to a more than three-year low and benefitted the non-yielding yellow metal.
Recommendations:
Buy if price breaks above $3,348
Sell if price breaks below $3,334
Resistance 2: $3,362
Resistance 1: $3,355
Support 1: $3,327
Support 2: $3,320
Note: This article is intended for analysis purposes and not as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id