Ahead of US CPI & Jobs, Gold Remains Calm
Gold prices stabilized in the mid-Asian session on Thursday, after touching $3,374 troy ounce amid hopes of a Fed rate cut that would strengthen the appeal of this non-interest-bearing precious metal. The US dollar, which has tended to be defensive today, is still holding back gains for the yellow metal ahead of the release of US inflation and employment data.
The market is also still seeking official clarification on whether US bullion imports will be subject to tariffs, after days of confusion that drove up premiums for gold futures in New York over spot prices in London. President Donald Trump said on Monday that there would be no levies—causing the two markets to converge—but he did not elaborate.
Gold prices at the time of writing were at $3,358/oz.
- Buy if the price moves to around $3,365
- Sell if the price moves around $3,351
Resistance 2: $3,381
Resistance 1: $3,373
Support 1: $3,343
Support 2: $3,335
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