Gold Strengthens Above $3,600, Investors Seek Safe Assets
Gold prices are currently rising, driven by increased demand for safe-haven assets amid global uncertainty. Pressure from political turmoil and the prospect of a Fed interest rate cut this month has prompted investors to shift their portfolios to precious metals.
Market sentiment is also supported by the weakening US dollar, which provides more room for gold to strengthen. Analysts believe that as long as macroeconomic and geopolitical uncertainty remains high, gold has the potential to maintain its momentum above the psychological level of $3,600.
The gold price at the time of writing was $3,619/Toz.
- Buy if the price moves within $3,626
- Sell if the price moves within $3,612
Resistance 2: $3,640
Resistance 1: $3,633
Support 1: $3,605
Support 2: $3,598
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