Gold Remains Unrecovered, Focus on Fed Policy
Gold prices (XAU/USD) have declined from the $3,369 region, a more than one-week high touched during the Asian session on Monday (August 4th), and currently appear to be stagnating after a relatively strong recovery from last week's one-month low.
The US dollar (USD) attracted buying interest earlier this week, reversing some of the weakness triggered by Friday's weaker US employment data, along with a modest rebound in US Treasury bond yields. This, in turn, has been a major factor undermining the precious metal.
Gold prices at the time of writing were at $3,358/Toz.
- Buy if the price moves to around $3,365
- Sell if the price moves around $3,351
Resistance 2: $3,379
Resistance 1: $3,372
Support 1: $3,344
Support 2: $3,337
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