Gold Breaks Daily High! As Dollar Under Pressure
Gold prices rose to a new daily high during the European session on Friday (July 18th), continuing their rebound from a low hit more than a week earlier. This increase was driven by a weakening US dollar following dovish remarks from Fed Governor Christopher Waller, as well as growing market concerns about the uncertainty surrounding US President Donald Trump's trade policies, which are considered risky for the global economy.
However, gold's gains are likely limited as the market is increasingly convinced that the Fed will delay interest rate cuts, especially with concerns that new import tariffs from the Trump administration could trigger consumer inflation.
Furthermore, positive sentiment in the stock market is also limiting demand for gold as a safe-haven asset. Amid these conditions, XAU/USD still has the potential to record a moderate weekly decline for the first time in three weeks, with market participants now focused on the release of US macroeconomic data for short-term opportunities in the North American session.
Recommendation:
Buy if the price breaks above $3,354
Sell if the price breaks below $3,340
Resistance 2: $3,370
Resistance 1: $3,362
Support 1: $3,332
Support 2: $3,324
Note: This article is intended for analysis and is not intended as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions. (ayu)
Source: Newsmaker.id
