Gold Rises Again! Posts Third Straight Day of Gains
Gold rose to around $3,330 an ounce on Friday, strengthening for a third consecutive session, supported by safe-haven demand amid escalating trade tensions.
President Donald Trump announced 35% tariffs on Canadian imports starting August 1 and hinted at plans for blanket tariffs of 15-20% on most other trading partners.
This follows earlier threats against Brazil and proposed tariffs on copper, semiconductors, and pharmaceuticals.
Meanwhile, Trump's call for a 300-bps cut in the Fed funds rate fueled speculation about a dovish Fed chairman candidate next year and raised concerns about long-term inflation expectations.
Recommendation:
Buy if price breaks above $3,340
Sell if price breaks below $3,326
Resistance 2: $3,354
Resistance 1: $3,347
Support 1: $3,319
Support 2: $3,312
Note: This article is intended for analytical purposes and should not be considered definitive guidance. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id