Gold Pressured by Risk-Off, Focus on Fed Decision
Gold prices weakened on Monday, pressured by profit-taking and a stronger dollar, although the decline was limited as investors awaited the US Federal Reserve meeting, where an interest rate cut is expected following a series of weak labor market reports.
Spot gold prices fell 0.2% to $3,633.86 per ounce, as of 01:52 GMT. Bullion prices rose about 1.6% last week, hitting a record high of $3,673.95 on Tuesday.
US gold futures for December delivery fell 0.4% to $3,671.30.
"Gold appears technically overbought, which is driving profit-taking at the start of the week. The dollar's resilience is also another factor weighing on gold," said Tim Waterer, Chief Market Analyst at KCM Trade. The US dollar index (.DXY) opened up 0.1%, making dollar-priced bullion more expensive for foreign buyers.
The gold price at the time of writing this article is $3,643/Toz.
- Buy if the price moves within the $3,650 range
- Sell if the price moves within the $3,636 range
Resistance 2: $3,664
Resistance 1: $3,657
Support 1: $3,629
Support 2: $3,622
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
