Gold Loses Its Luster as the US Dollar Strengthens
Gold prices corrected on Wednesday (August 27th), after rallying to a two-week high earlier, fueled by concerns about the Fed's independence. Safe-haven sentiment began to ease as the US dollar strengthened and US bond yields stabilized, although political tensions between President Donald Trump and Fed Chair Lisa Cook still loomed over the market.
The gold price at the time of writing was $3,381/Toz.
- Buy if the price moves around $3,388
- Sell if the price moves around $3,374
Resistance 2: $3,402
Resistance 1: $3,395
Support 1: $3,367
Support 2: $3,360
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id