Gold Weakens, Rate Cut Hopes Fade
Gold prices held at low levels on Friday (July 25th) morning, after previously falling on US employment data showing a strong labor market.
This decline occurred despite gold still posting a small weekly gain, as investors began to reduce their expectations for an imminent interest rate cut by the Federal Reserve.
Traders now expect the first interest rate cut to occur in October, with the total number of cuts this year likely to be fewer than two.
Meanwhile, political tensions have flared again after President Donald Trump and Fed Chairman Jerome Powell traded barbs over the renovation of the central bank's headquarters. However, Trump continues to push for an interest rate cut while stating that renovations alone are not grounds for firing Powell.
Recommendation:
Buy if the price moves below $3,374
Sell if the price moves below $3,360
Resistance 2: $3,388
Resistance 1: $3,381
Support 1: $3,353
Support 2: $3,346
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
