Gold Shines, Dollar Pressured by Weak US Data
Gold edged higher on Wednesday (August 13), supported by a weaker dollar after moderate US inflation data reinforced expectations of an interest rate cut in September, while investors awaited this week's US-Russia talks on the war in Ukraine.
The White House said on Tuesday that the meeting between US President Donald Trump and Russian President Vladimir Putin "was a listening exercise for the president," dampening hopes for a quick Russia-Ukraine ceasefire agreement.
Data released on Tuesday showed the US Consumer Price Index (CPI) rose 0.2% in July, following a 0.3% increase in June. Annually, the CPI rose 2.7%.
The US dollar index continued to weaken, making dollar-priced assets more affordable for holders of other currencies.
Gold prices were at $3,355/oz at the time of writing.
- Buy if the price moves to around $3,362
- Sell if the price moves around $3,348
Resistance 2: $3,376
Resistance 1: $3,369
Support 1: $3,341
Support 2: $3,334
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
