Gold Strengthens on Concerns About Fed Independence and US Tariffs
Gold prices (XAU/USD) strengthened on a combination of bets on a Fed rate cut this month and a weaker US dollar, which has depressed real yields and increased the appeal of zero-coupon assets.
The dovish tone from Fed officials and the PCE data, which met expectations, kept the likelihood of a 25 bps cut high. On the sentiment side, concerns about the Fed's independence and uncertainty regarding US tariffs also fueled hedging demand. Inflows into gold-backed ETFs and continued central bank buying added to fundamental support.
The gold price at the time of writing was $3,480/Toz.
- Buy if the price moves within the $3,487 range
- Sell if the price moves within the $3,473 range
Resistance 2: $3,501
Resistance 1: $3,494
Support 1: $3,466
Support 2: $3,459
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
