Downward Trend Continues, Gold Opens Weak at the Start of the Week
The Gold price (XAU/USD) extends the decline during Asian trading hours on Monday. A trade deal reached between the US and China last week on how to expedite rare earth shipments to the US was viewed positively by markets.
Nonetheless, rising bets that the US Federal Reserve (Fed) will cut rates more times this year and possibly sooner than previously expected might undermine the Greenback and support the USD-denominated commodity price as a weaker USD makes Gold cheaper for foreign buyers.
Gold price when this news was released -0.2% or at the level of $ 3265 / Toz.
Recommendation:
Buy if the price breaks above $ 3273
Sell if the price breaks below $ 3258
Resistance 2: $ 33285
Resistance 1: $ 3280
Support 1: $ 3251
Support 2: $ 3248
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