Gold Rebounds Amid Rate Cut Optimism, Easing Global Tensions
Gold Rebounds Amid Rate Cut Optimism, Easing Global Tensions
The Gold price (XAU/USD) recovers some lost ground during early European trading hours on Monday. 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.
Nonetheless, improved risk sentiment due to the US-China trade agreement, along with the ceasefire deal between Israel and Iran could diminish bullion's appeal as a traditional safe-haven asset. Traders brace for the Fedspeak later on Monday.
The price of gold when this news was released was +0.5%, or at the level of $3292/Toz.
Recommendation:
Buy if price breaks above $3300
Sell if price breaks below $3284
Resistance 2: $3314
Resistance 1: $3307
Support 1: $3277
Support 2: $3269
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