Gold Holds, Tensions Ahead of NFP Increase
Gold prices weakened to around $3,290 per ounce on Friday (August 1) and were on track for their worst weekly performance since late June, pressured by a stronger US dollar following President Trump's imposition of higher tariffs on several countries.
Trump reaffirmed the global base tariff of 10% and imposed retaliatory duties of up to 41% on countries that do not have trade agreements with the US. He also announced a 40% levy on goods suspected of being routed through third countries to avoid existing tariffs.
Gold prices were at $3,291/oz at the time of writing.
- Buy if the price moves to around $3,298
- Sell if the price moves around $3,284
Resistance 2: $3,312
Resistance 1: $3,305
Support 1: $3,277
Support 2: $3,270
DISCLAIMER
Note: This article is for analysis only and is not a definitive reference. Please consider fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id