Gold Weakens Amid Diminishing Dovish Fed Expectations
Gold prices rose on Friday (August 15th), supported by a weaker dollar, although the precious metal is headed for a weekly decline as hotter-than-expected US inflation data dampened expectations of a 50 basis point (bps) Federal Reserve interest rate cut.
Spot gold prices rose 0.2% to $3,341.90 per ounce at 06:53 GMT. However, gold is down 1.5% for the week. US gold futures for December delivery rose 0.1% to $3,387.60.
"Gold is still struggling with the impact of the surge in the Producer Price Index (PPI), which raises questions about how much the Fed is willing to cut interest rates this year," said Tim Waterer, chief market analyst at KCM Trade.
Gold prices at the time of writing were at $3,341/oz.
- Buy if the price moves to around $3,348
- Sell if the price moves around $3,334
Resistance 2: $3,362
Resistance 1: $3,355
Support 1: $3,327
Support 2: $3,320
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id
