Gold Falls, Fed Independence Questioned
Gold prices (XAU/USD) fell in the Asian session on Wednesday, after touching a two-week high of around $3,395. Pressure came primarily from profit-taking and a moderate strengthening of the US dollar, causing the price to correct from its peak.
Despite the weakening, gold's downside is expected to be limited. Market concerns about the Fed's independence—amid US President Donald Trump's increasingly aggressive efforts to oust one of its governors—tend to maintain interest in safe-haven assets. In such situations, gold typically remains in demand as a hedge.
The gold price at the time of writing was $3,384/Toz.
- Buy if the price moves within the $3,391 range
- Sell if the price moves within the $3,377 range
Resistance 2: $3,405
Resistance 1: $3,398
Support 1: $3,370
Support 2: $3,363
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id