Gold Stable Ahead of Inflation Data
Gold futures traded flat at around $3,308 per troy ounce, after previously weakening following the Federal Reserve's decision to hold interest rates. The Fed cited the risk of inflation due to tariffs as the primary reason, reinforcing the prospect of prolonged high interest rates, which typically dampens gold's appeal.
The strengthening of the US dollar over the past week has also been a major factor weighing on gold prices. A stronger dollar makes gold more expensive for global buyers and reduces its appeal as a safe-haven asset.
Gold prices at the time of writing were at $3,308/Toz.
- Buy if the price moves to around $3,313
- Sell if the price moves around $3,303
Resistance 2: $3,320
Resistance 1: $3,313
Support 1: $3,303
Support 2: $3,297
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Pay attention to developments in fundamental and technical aspects of trading before making investment decisions. (ayu)
Source: Newsmaker.id
