Gold Strengthens on Trade and Fed Concerns
Gold prices (XAU/USD) rose to a weekly high early in the European session on Thursday as renewed trade concerns boosted demand for traditional safe-haven assets.
Furthermore, growing acceptance that the US Federal Reserve (The Fed) will continue its interest rate cut cycle in September proved to be another factor driving capital flows toward the non-yielding yellow metal and contributing to the positive movement.
Meanwhile, dovish Fed expectations pushed the US Dollar (USD) to a nearly two-week low in the last hour, providing additional support for gold prices.
Gold prices were at $3,378/oz at the time of writing.
- Buy if the price moves to around $3,385
- Sell if the price moves around $3,371
Resistance 2: $3,399
Resistance 1: $3,392
Support 1: $3,364
Support 2: $3,357
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id