Gold Falls to 4-Week Low
Gold fell to $3,280 an ounce on Friday, hitting a four-week low, as fading geopolitical risks and easing concerns about a prolonged trade conflict dampened demand for the safe-haven asset. The U.S. and China are finalizing details of their London trade deal, which will implement the Geneva consensus.
Meanwhile, investors continue to assess the prospects for a Fed rate cut, with reports suggesting President Trump may announce his Fed chair nominee as early as September or October, likely favoring a candidate who supports looser monetary conditions.
Recommendations:
Buy if price breaks above $3,296
Sell if price breaks below $3,282
Resistance 2: $3,310
Resistance 1: $3,303
Support 1: $3,275
Support 2: $3,268
Note: This article is intended for analysis and not as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
