Gold Steady Ahead of US Inflation Data Release
Gold prices were stable on Thursday (August 28th), as investors eyed US inflation data due to be released next Friday. The precious metal had previously received support from concerns over the independence of the Federal Reserve following President Donald Trump's move to remove Fed Chair Lisa Cook. This action sparked temporary safe-haven demand, although the US dollar recovered from earlier this week's weakness.
Market sentiment also highlighted the possibility of a Fed rate cut at its September meeting, which could lower the opportunity cost of holding non-yielding gold. However, the stability of the dollar and rising US bond yields limited the precious metal's gains, holding back any further price movement.
The gold price at the time of writing was $3,395/Toz.
- Buy if the price moves within $3,402
- Sell if the price moves within $3,388
Resistance 2: $3,415
Resistance 1: $3,409
Support 1: $3,381
Support 2: $3,374
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
