Gold Runs Strong! $3,385 Resistance Tested
Global spot gold prices have strengthened again and are currently trading around $3,374, continuing their rally amid growing concerns about global trade tensions and geopolitical conflicts.
President Trump's threat of 30% tariffs on several major trading partners, as well as the delivery of Patriot missile systems to Ukraine, have prompted investors to return to safe-haven assets like gold. Although the US dollar has shown limited strength, demand for the precious metal remains high due to growing expectations of global monetary easing.
Technically, gold prices have broken through key resistance at the 50-day moving average (MA), which now serves as dynamic support at $3,385. As long as the price remains above $3,360, bullish momentum remains dominant, with a short-term target of $3,435. The potential for a 50-bps Fed rate cut is also a catalyst.
Recommendation:
Buy if the price breaks above $3,379
Sell if the price breaks below $3,369
Resistance 2: $3,385
Resistance 1: $3,379
Support 1: $3,369
Support 2: $3,363
Note: This article is intended for analysis and should not be considered a definitive reference. Always consider fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
