Gold Rises as Investors Wary of Tariffs and US PPI Data Ahead
Gold prices strengthened on Wednesday (July 16th), driven by a weakening US dollar and increased demand for safe-haven assets amid global geopolitical concerns. The market is closely monitoring investors' response to President Trump's 50-day ultimatum to Russia and continued tariff tensions with major trading partners.
In addition, speculation that the Fed will delay interest rate cuts due to persistently high goods inflation also supported gold prices. The focus now turns to the release of US PPI data and the outcome of further international trade negotiations.
Recommendation:
Buy if the price breaks above $3,346
Sell if the price breaks below $3,332
Resistance 2: $3,360
Resistance 1: $3,353
Support 1: $3,325
Support 2: $3,318
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. (alg)
Source: Newsmaker.id