Gold Corrects Slightly, Focus on US Economic Data
Gold prices weakened slightly on Wednesday (August 6th), consolidating after four days of gains, as investors digested weak US economic data and the possibility of President Donald Trump appointing new members to the Fed board.
At 08:30 GMT, spot gold fell 0.4% to $3,366.50 per ounce, while gold futures for December delivery also fell 0.4% to $3,420.72 per ounce. The precious metal had previously recorded four consecutive sessions of gains, including a 2% surge last Friday.
Gold Supported by Expectations of a Fed Rate Cut
Gold prices have recently been supported by expectations of an interest rate cut by the Fed, which is expected to occur next month, following a series of weak economic data indicating that President Trump's trade policies are starting to dampen US economic growth.
Gold prices at the time of writing were at $3,364/oz.
- Buy if the price moves to around $3,371
- Sell if the price moves around $3,357
Resistance 2: $3,385
Resistance 1: $3,378
Support 1: $3,350
Support 2: $3,343
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
