Gold Strengthens on Tariff Tensions and a Weaker Dollar
Gold strengthened on Thursday (August 7), driven by renewed safe-haven demand after US President Donald Trump imposed an additional 25% tariff on Indian imports, escalating trade tensions.
Adding support to gold, the dollar index hovered near a more than one-week low after surprisingly weak US employment data last week fueled speculation of a US interest rate cut in September. A weaker dollar makes gold cheaper for holders of other currencies.
Gold price at the time of writing was at $3,377/Toz.
- Buy if the price moves to around $3,384
- Sell if the price moves around $3,370
Resistance 2: $3,398
Resistance 1: $3,391
Support 1: $3,363
Support 2: $3,356
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.
Source: Newsmaker.id