Fed Sentiment Fades, Gold Under Pressure Again
Gold prices held steady on Friday (August 15th), continuing the previous session's decline and on track for their worst week since late June. Sentiment was weighed down after a series of stronger-than-expected US data eroded hopes of a significant Fed interest rate cut, causing the dollar and US bond yields to strengthen and dampen interest in non-yielding assets like gold.
Pressure intensified after the US PPI rose at its fastest pace in three years in July, well above consensus, indicating that companies were beginning to pass on tariff-induced import cost increases to final prices.
Gold prices were at $3,339/Toz at the time of writing.
- Buy if the price moves to around $3,346
- Sell if the price moves around $3,332
Resistance 2: $3,360
Resistance 1: $3,353
Support 1: $3,325
Support 2: $3,318
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