Gold Steady, Expectations of Further Cuts vs. Strong Dollar
Gold prices held around $3,650 per ounce on Thursday after falling in the previous session. The US dollar strengthened as the Fed cut interest rates by 25 bps as expected, but Chairman Jerome Powell emphasized that further easing would be cautious and evaluated "meeting by meeting" given the weakening labor market conditions.
Gold has gained about 39% this year due to expectations of interest rate cuts, geopolitical tensions, and large purchases by central banks. In India, the supply of used jewelry and coins remains limited as many investors choose to hold bullion, hoping for continued price gains despite the recent weekly record.
The gold price at the time of writing was $3,658/Toz.
- Buy if the price moves within the $3,665 range
- Sell if the price moves within the $3,651 range
Resistance 2: $3,679
Resistance 1: $3,672
Support 1: $3,644
Support 2: $3,637
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